Lithium Americas (NYSE:LAC) Trading Down 7% Following Analyst Downgrade

Lithium Americas Corp. (NYSE:LAC)’s share price dropped 7% during mid-day trading on Monday after Scotiabank lowered their price target on the stock from $3.00 to $2.50. Scotiabank currently has a sector perform rating on the stock. Lithium Americas traded as low as $2.92 and last traded at $2.92. Approximately 4,616,826 shares changed hands during mid-day trading, an increase of 1% from the average daily volume of 4,580,013 shares. The stock had previously closed at $3.14.

LAC has been the topic of a number of other research reports. Deutsche Bank Aktiengesellschaft dropped their price target on Lithium Americas from $3.00 to $2.50 and set a “hold” rating on the stock in a research note on Friday, August 16th. Piper Sandler started coverage on shares of Lithium Americas in a report on Monday, July 29th. They issued a “neutral” rating and a $3.90 target price on the stock. National Bank Financial upgraded shares of Lithium Americas from a “sector perform” rating to an “outperform” rating in a research note on Thursday. Finally, B. Riley dropped their price objective on shares of Lithium Americas from $4.50 to $4.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.50.

Institutional Trading of Lithium Americas

Several hedge funds have recently made changes to their positions in LAC. Koss Olinger Consulting LLC raised its holdings in Lithium Americas by 41.8% during the third quarter. Koss Olinger Consulting LLC now owns 129,211 shares of the company’s stock worth $349,000 after purchasing an additional 38,062 shares in the last quarter. Teamwork Financial Advisors LLC raised its stake in shares of Lithium Americas by 2,274.3% during the 3rd quarter. Teamwork Financial Advisors LLC now owns 398,760 shares of the company’s stock worth $1,077,000 after buying an additional 381,965 shares in the last quarter. Vontobel Holding Ltd. lifted its holdings in shares of Lithium Americas by 37.1% in the 3rd quarter. Vontobel Holding Ltd. now owns 21,926 shares of the company’s stock valued at $59,000 after buying an additional 5,930 shares during the period. Creative Planning boosted its stake in shares of Lithium Americas by 21.8% in the third quarter. Creative Planning now owns 33,276 shares of the company’s stock valued at $90,000 after buying an additional 5,945 shares in the last quarter. Finally, Silverlake Wealth Management LLC acquired a new position in Lithium Americas during the third quarter worth $89,000.

Lithium Americas Price Performance

The business has a fifty day simple moving average of $2.55 and a 200 day simple moving average of $3.32.

Lithium Americas (NYSE:LAC) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). Equities research analysts expect that Lithium Americas Corp. will post -0.09 EPS for the current year.

Lithium Americas Company Profile

Lithium Americas Corp. engages in the exploration and development of lithium properties in the United States and Canada. It holds a 100% interest in the Thacker Pass project located in northern Nevada, as well as investments in exploration properties in the United States and Canada. Lithium Americas Corp.