Lithium Americas (NYSE:LAC) Shares Down 4.2%

Lithium Americas Corp. (NYSE:LAC) shares fell 4.2% during mid-day trading on Thursday . The company traded as low as $2.48 and last traded at $2.48. 533,573 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 4,066,264 shares. The stock had previously closed at $2.59.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on LAC. Deutsche Bank Aktiengesellschaft dropped their target price 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 dropped their target price on Lithium Americas from $4.50 to $4.00 and set a “buy” rating for the company in a report on Friday, August 16th. 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 for the company. National Bank Financial raised Lithium Americas to a “hold” rating in a report on Wednesday, June 5th. Finally, Scotiabank dropped their target price on Lithium Americas from $5.50 to $3.00 and set a “sector perform” rating for the company in a report on Thursday, August 15th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $6.61.

Lithium Americas Stock Down 4.2 %

The company has a 50 day simple moving average of $2.47 and a 200-day simple moving average of $3.65.

Lithium Americas (NYSE:LAC) last released 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). Equities research analysts forecast that Lithium Americas Corp. will post -0.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lithium Americas

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. General Motors Holdings LLC boosted its holdings in shares of Lithium Americas by 100.0% during the fourth quarter. General Motors Holdings LLC now owns 30,004,488 shares of the company’s stock worth $190,829,000 after acquiring an additional 15,002,245 shares during the period. Marshall Wace LLP bought a new stake in shares of Lithium Americas in the second quarter valued at approximately $10,252,000. Van ECK Associates Corp boosted its stake in shares of Lithium Americas by 69.8% in the second quarter. Van ECK Associates Corp now owns 3,953,127 shares of the company’s stock valued at $10,591,000 after buying an additional 1,625,149 shares during the period. Point72 Asset Management L.P. boosted its stake in shares of Lithium Americas by 580.1% in the second quarter. Point72 Asset Management L.P. now owns 1,857,193 shares of the company’s stock valued at $4,977,000 after buying an additional 1,584,123 shares during the period. Finally, Merewether Investment Management LP bought a new stake in shares of Lithium Americas in the second quarter valued at approximately $858,000.

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.