Lithium Americas (NYSE:LAC) Stock Price Down 4.4% – Here’s Why

Lithium Americas Corp. (NYSE:LAC)’s share price dropped 4.4% during trading on Thursday . The company traded as low as $3.90 and last traded at $3.93. Approximately 4,211,943 shares traded hands during trading, a decline of 18% from the average daily volume of 5,130,632 shares. The stock had previously closed at $4.11.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on LAC. National Bank Financial raised shares of Lithium Americas from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 17th. Scotiabank decreased their target price on shares of Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating on the stock in a research report on Friday, October 18th. Deutsche Bank Aktiengesellschaft cut their price target on Lithium Americas from $3.00 to $2.50 and set a “hold” rating for the company in a report on Friday, August 16th. B. Riley decreased their price objective on Lithium Americas from $4.50 to $4.00 and set a “buy” rating on the stock in a report on Friday, August 16th. Finally, 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. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $5.50.

Lithium Americas Stock Down 1.9 %

The stock has a 50 day moving average of $2.75 and a 200 day moving average of $3.16.

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

Institutional Trading of Lithium Americas

A number of institutional investors and hedge funds have recently modified their holdings of the business. Quent Capital LLC bought a new position in Lithium Americas in the first quarter worth about $48,000. Headlands Technologies LLC increased its position in Lithium Americas by 2,332.3% in the first quarter. Headlands Technologies LLC now owns 7,686 shares of the company’s stock worth $52,000 after buying an additional 7,370 shares during the period. Fairscale Capital LLC bought a new stake in Lithium Americas in the second quarter valued at $27,000. Teamwork Financial Advisors LLC bought a new position in shares of Lithium Americas during the first quarter worth about $68,000. Finally, Evergreen Capital Management LLC acquired a new stake in shares of Lithium Americas in the 2nd quarter worth about $27,000.

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.