Lithium Americas (Argentina) (NYSE:LAAC) Shares Down 3.6% – What’s Next?

Lithium Americas (Argentina) Corp. (NYSE:LAAC)’s share price traded down 3.6% on Friday . The company traded as low as $3.24 and last traded at $3.25. 300,497 shares traded hands during trading, a decline of 80% from the average session volume of 1,499,922 shares. The stock had previously closed at $3.37.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Scotiabank reduced their price target on Lithium Americas (Argentina) from $8.00 to $4.25 and set a “sector outperform” rating on the stock in a report on Thursday, August 15th. HSBC upgraded Lithium Americas (Argentina) from a “hold” rating to a “buy” rating in a report on Wednesday, August 14th. Finally, Hsbc Global Res upgraded shares of Lithium Americas (Argentina) to a “strong-buy” rating in a report on Wednesday, August 14th. Four equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Lithium Americas (Argentina) currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.05.

Lithium Americas (Argentina) Stock Performance

The stock has a market cap of $542.47 million, a P/E ratio of 0.43 and a beta of 1.33. The firm has a 50-day moving average price of $3.27 and a 200-day moving average price of $3.37.

Hedge Funds Weigh In On Lithium Americas (Argentina)

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fifth Third Bancorp grew its position in shares of Lithium Americas (Argentina) by 67.9% in the 2nd quarter. Fifth Third Bancorp now owns 9,895 shares of the company’s stock worth $32,000 after buying an additional 4,000 shares during the period. TD Asset Management Inc increased its stake in shares of Lithium Americas (Argentina) by 3.5% during the second quarter. TD Asset Management Inc now owns 122,775 shares of the company’s stock valued at $391,000 after purchasing an additional 4,173 shares in the last quarter. Old West Investment Management LLC lifted its holdings in shares of Lithium Americas (Argentina) by 18.2% during the second quarter. Old West Investment Management LLC now owns 33,386 shares of the company’s stock valued at $107,000 after purchasing an additional 5,140 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its position in shares of Lithium Americas (Argentina) by 8.9% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 67,635 shares of the company’s stock worth $216,000 after purchasing an additional 5,503 shares in the last quarter. Finally, Apollon Wealth Management LLC grew its stake in shares of Lithium Americas (Argentina) by 25.8% in the 3rd quarter. Apollon Wealth Management LLC now owns 28,607 shares of the company’s stock worth $93,000 after buying an additional 5,870 shares during the last quarter. Hedge funds and other institutional investors own 49.17% of the company’s stock.

About Lithium Americas (Argentina)

Lithium Americas (Argentina) Corp. operates as a resource company. The company explores for lithium deposits. The company owns interests in the Cauchari-Olaroz project located in Jujuy province of Argentina. It also has a pipeline of development and exploration stage projects, including the Pastos Grandes project and the Sal de la Puna project located in Salta Province in northwestern Argentina.