Lithium Americas (NYSE:LAC) Stock Price Down 3.8% – Here’s What Happened

Lithium Americas Corp. (NYSE:LAC) shares were down 3.8% during mid-day trading on Monday . The company traded as low as $2.76 and last traded at $2.79. Approximately 774,759 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 4,174,873 shares. The stock had previously closed at $2.90.

Analyst Upgrades and Downgrades

LAC has been the topic of a number of analyst reports. Piper Sandler started coverage on Lithium Americas in a research report on Monday, July 29th. They issued a “neutral” rating and a $3.90 price target on the stock. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Lithium Americas from $3.00 to $2.50 and set a “hold” rating on the stock in a report on Friday, August 16th. Scotiabank cut their price target on shares of Lithium Americas from $5.50 to $3.00 and set a “sector perform” rating for the company in a report on Thursday, August 15th. Finally, B. Riley decreased 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. Six analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Lithium Americas currently has a consensus rating of “Hold” and a consensus price target of $5.56.

Lithium Americas Price Performance

The stock’s 50 day simple moving average is $2.49 and its two-hundred day simple moving average is $3.40.

Lithium Americas (NYSE:LAC) last posted its quarterly earnings data 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, sell-side analysts anticipate that Lithium Americas Corp. will post -0.09 EPS for the current year.

Institutional Trading of Lithium Americas

Institutional investors and hedge funds have recently modified their holdings of the stock. Banque Cantonale Vaudoise bought a new position in shares of Lithium Americas during the first quarter worth $25,000. Mather Group LLC. bought a new position in Lithium Americas during the first quarter worth about $26,000. Northwestern Mutual Wealth Management Co. lifted its holdings in Lithium Americas by 12.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 41,943 shares of the company’s stock worth $112,000 after acquiring an additional 4,504 shares in the last quarter. Cowen AND Company LLC grew its stake in Lithium Americas by 50.0% in the second quarter. Cowen AND Company LLC now owns 15,000 shares of the company’s stock valued at $40,000 after acquiring an additional 5,000 shares during the period. Finally, Quent Capital LLC increased its holdings in shares of Lithium Americas by 100.0% in the third quarter. Quent Capital LLC now owns 10,000 shares of the company’s stock worth $27,000 after acquiring an additional 5,000 shares in the last quarter.

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.