Lithium Americas (NYSE:LAC) Stock Price Down 6% – Here’s What Happened

Lithium Americas Corp. (NYSE:LAC)’s stock price traded down 6% during mid-day trading on Wednesday . The company traded as low as $4.17 and last traded at $4.24. 7,060,714 shares were traded during trading, an increase of 39% from the average session volume of 5,088,838 shares. The stock had previously closed at $4.51.

Analyst Ratings Changes

A number of analysts recently commented on LAC shares. Deutsche Bank Aktiengesellschaft reduced their price objective on 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 reduced their price target on Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating for the company in a research report on Friday, October 18th. BMO Capital Markets upgraded Lithium Americas to a “hold” rating in a research report on Wednesday, October 23rd. Finally, B. Riley reduced their price target on Lithium Americas from $4.50 to $4.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $5.50.

Lithium Americas Stock Performance

The business has a 50 day moving average of $2.78 and a 200 day moving average of $3.17.

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

Institutional Investors Weigh In On Lithium Americas

A number of institutional investors and hedge funds have recently modified their holdings of the business. Van ECK Associates Corp lifted its stake in shares of Lithium Americas by 69.8% during the 2nd quarter. Van ECK Associates Corp now owns 3,953,127 shares of the company’s stock worth $10,591,000 after acquiring an additional 1,625,149 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of Lithium Americas in the 2nd quarter valued at $10,252,000. Point72 Asset Management L.P. increased its holdings in shares of Lithium Americas by 580.1% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,857,193 shares of the company’s stock valued at $4,977,000 after acquiring an additional 1,584,123 shares during the period. Teamwork Financial Advisors LLC increased its holdings in shares of Lithium Americas by 2,274.3% in the 3rd quarter. Teamwork Financial Advisors LLC now owns 398,760 shares of the company’s stock valued at $1,077,000 after acquiring an additional 381,965 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in shares of Lithium Americas by 41.2% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 373,380 shares of the company’s stock valued at $1,008,000 after acquiring an additional 108,993 shares during the period.

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.