Lithium Americas (NYSE:LAC) Trading Down 4.1% – Here’s What Happened

Lithium Americas Corp. (NYSE:LAC) fell 4.1% on Wednesday . The stock traded as low as $3.91 and last traded at $4.00. 4,646,882 shares changed hands during trading, a decline of 11% from the average session volume of 5,219,225 shares. The stock had previously closed at $4.17.

Analyst Ratings Changes

LAC has been the topic of a number of analyst reports. B. Riley reduced their price target on Lithium Americas from $4.50 to $4.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Deutsche Bank Aktiengesellschaft reduced 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. National Bank Financial upgraded shares of Lithium Americas from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 17th. Scotiabank reduced their price objective on shares of Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating on the stock in a report on Friday, October 18th. Finally, Piper Sandler began coverage on Lithium Americas in a report on Monday, July 29th. They issued a “neutral” rating and a $3.90 target price on the stock. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $5.50.

Lithium Americas Stock Performance

The company’s 50 day moving average is $2.90 and its 200 day moving average is $3.10.

Lithium Americas (NYSE:LAC) last posted its earnings results on Tuesday, November 5th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. Analysts predict that Lithium Americas Corp. will post -0.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lithium Americas

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fairscale Capital LLC purchased a new position in shares of Lithium Americas during the second quarter worth approximately $27,000. AE Wealth Management LLC purchased a new position in Lithium Americas during the 2nd quarter worth $27,000. Evergreen Capital Management LLC acquired a new position in Lithium Americas in the second quarter valued at $27,000. Quent Capital LLC raised 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 valued at $27,000 after buying an additional 5,000 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in shares of Lithium Americas during the second quarter worth about $30,000.

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.