Lithium Americas (NYSE:LAC) Trading Down 4.2% – Here’s Why

Lithium Americas Corp. (NYSE:LAC)’s stock price fell 4.2% during mid-day trading on Wednesday . The stock traded as low as $3.13 and last traded at $3.19. 3,403,245 shares were traded during trading, a decline of 27% from the average session volume of 4,669,578 shares. The stock had previously closed at $3.33.

Analysts Set New Price Targets

LAC has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Lithium Americas from $3.00 to $2.50 and set a “hold” rating for the company in a research report on Friday, August 16th. National Bank Financial upgraded Lithium Americas from a “sector perform” rating to an “outperform” rating in a research report on Thursday, October 17th. Scotiabank decreased their price objective on Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating on the stock in a report on Friday, October 18th. Piper Sandler began coverage on Lithium Americas in a research note on Monday, July 29th. They issued a “neutral” rating and a $3.90 target price for the company. Finally, B. Riley decreased their price target 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 investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $5.50.

Lithium Americas Price Performance

The business has a 50-day simple moving average of $2.59 and a two-hundred day simple moving average of $3.27.

Lithium Americas (NYSE:LAC) last posted its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.02). On average, equities research analysts anticipate that Lithium Americas Corp. will post -0.09 EPS for the current fiscal year.

Institutional Trading of Lithium Americas

Several hedge funds have recently modified their holdings of the company. International Assets Investment Management LLC boosted its holdings in shares of Lithium Americas by 194.1% in the 3rd quarter. International Assets Investment Management LLC now owns 33,008 shares of the company’s stock worth $89,000 after acquiring an additional 21,783 shares in the last quarter. Sterling Investment Counsel LLC acquired a new position in Lithium Americas in the third quarter worth $75,000. Signaturefd LLC grew its holdings in shares of Lithium Americas by 1,450.5% during the third quarter. Signaturefd LLC now owns 30,995 shares of the company’s stock worth $84,000 after purchasing an additional 28,996 shares during the last quarter. Koss Olinger Consulting LLC increased its stake in shares of Lithium Americas by 41.8% in the third quarter. Koss Olinger Consulting LLC now owns 129,211 shares of the company’s stock valued at $349,000 after buying an additional 38,062 shares in the last quarter. Finally, Teamwork Financial Advisors LLC raised its holdings in shares of Lithium Americas by 2,274.3% in the third quarter. Teamwork Financial Advisors LLC now owns 398,760 shares of the company’s stock valued at $1,077,000 after buying an additional 381,965 shares during the last quarter.

About Lithium Americas

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.