Lithium Americas (Argentina) (NYSE:LAAC) Stock Price Down 11.4% – Here’s Why

Lithium Americas (Argentina) Corp. (NYSE:LAAC)’s share price traded down 11.4% during trading on Wednesday . The stock traded as low as $3.09 and last traded at $3.12. 327,768 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 1,511,932 shares. The stock had previously closed at $3.52.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Hsbc Global Res raised shares of Lithium Americas (Argentina) to a “strong-buy” rating in a report on Wednesday, August 14th. Scotiabank lowered their target price on shares of Lithium Americas (Argentina) from $8.00 to $4.25 and set a “sector outperform” rating on the stock in a research note on Thursday, August 15th. Finally, HSBC raised Lithium Americas (Argentina) from a “hold” rating to a “buy” rating in a report on Wednesday, August 14th. Four analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $7.05.

Lithium Americas (Argentina) Price Performance

The stock has a market capitalization of $541.62 million, a price-to-earnings ratio of 0.43 and a beta of 1.33. The stock has a 50 day moving average price of $3.07 and a 200-day moving average price of $3.51.

Lithium Americas (Argentina) (NYSE:LAAC) last released its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). As a group, research analysts forecast that Lithium Americas will post -0.02 earnings per share for the current year.

Institutional Investors Weigh In On Lithium Americas (Argentina)

A number of large investors have recently made changes to their positions in the stock. Fairscale Capital LLC purchased a new stake in Lithium Americas (Argentina) in the 2nd quarter valued at $31,000. Fifth Third Bancorp grew its holdings in shares of Lithium Americas (Argentina) by 67.9% in the second quarter. Fifth Third Bancorp now owns 9,895 shares of the company’s stock valued at $32,000 after purchasing an additional 4,000 shares during the period. Ping Capital Management Inc. acquired a new stake in Lithium Americas (Argentina) during the second quarter worth about $35,000. Vanguard Personalized Indexing Management LLC purchased a new position in Lithium Americas (Argentina) during the second quarter worth about $36,000. Finally, Legacy Capital Group California Inc. acquired a new position in Lithium Americas (Argentina) in the 3rd quarter valued at about $36,000. 49.17% of the stock is currently owned by hedge funds and other institutional investors.

Lithium Americas (Argentina) Company Profile

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.