Lithium Americas (NYSE:LAC) Trading Down 7% Following Analyst Downgrade

Lithium Americas Corp. (NYSE:LAC)’s share price was down 7% during trading on Monday after Scotiabank lowered their price target on the stock from $3.00 to $2.50. Scotiabank currently has a sector perform rating on the stock. Lithium Americas traded as low as $2.92 and last traded at $2.92. Approximately 4,616,826 shares traded hands during mid-day trading, an increase of 1% from the average daily volume of 4,580,013 shares. The stock had previously closed at $3.14.

Several other research firms have also recently weighed in on LAC. Piper Sandler initiated coverage on shares of Lithium Americas in a report on Monday, July 29th. They issued a “neutral” rating and a $3.90 price target on the stock. B. Riley lowered their price target on shares of Lithium Americas from $4.50 to $4.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Deutsche Bank Aktiengesellschaft dropped their price objective on Lithium Americas from $3.00 to $2.50 and set a “hold” rating for the company in a research note on Friday, August 16th. Finally, National Bank Financial raised Lithium Americas from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 17th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $5.50.

Hedge Funds Weigh In On Lithium Americas

Several institutional investors and hedge funds have recently added to or reduced their stakes in LAC. Marshall Wace LLP bought a new position in shares of Lithium Americas in the 2nd quarter worth about $10,252,000. Van ECK Associates Corp lifted its holdings in shares of Lithium Americas by 69.8% during the second quarter. Van ECK Associates Corp now owns 3,953,127 shares of the company’s stock valued at $10,591,000 after purchasing an additional 1,625,149 shares during the last quarter. Point72 Asset Management L.P. boosted its position 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 worth $4,977,000 after purchasing an additional 1,584,123 shares in the last quarter. Teamwork Financial Advisors LLC grew its stake 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 worth $1,077,000 after buying an additional 381,965 shares during the last quarter. Finally, Merewether Investment Management LP bought a new position in Lithium Americas during the 2nd quarter valued at approximately $858,000.

Lithium Americas Stock Performance

The stock has a 50 day simple moving average of $2.57 and a 200-day simple moving average of $3.29.

Lithium Americas (NYSE:LAC) last posted its quarterly earnings results 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). As a group, equities research analysts forecast that Lithium Americas Corp. will post -0.09 EPS for the current fiscal year.

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.