Lithium Americas (NYSE:LAC) Shares Down 4.6% on Analyst Downgrade

Lithium Americas Corp. (NYSE:LAC) traded down 4.6% during mid-day trading on Friday 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 $3.05 and last traded at $3.09. 6,591,656 shares traded hands during trading, an increase of 45% from the average session volume of 4,538,495 shares. The stock had previously closed at $3.24.

Other equities analysts have also issued reports about the stock. Piper Sandler assumed coverage on shares of Lithium Americas in a research report on Monday, July 29th. They set a “neutral” rating and a $3.90 target price on the stock. B. Riley reduced 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. National Bank Financial upgraded Lithium Americas from a “sector perform” rating to an “outperform” rating in a research report on Thursday. Finally, 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 research report on Friday, August 16th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $5.50.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Banque Cantonale Vaudoise acquired a new stake in shares of Lithium Americas during the first quarter worth $25,000. Mather Group LLC. acquired a new position in shares of Lithium Americas during the 1st quarter worth about $26,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of Lithium Americas by 12.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 41,943 shares of the company’s stock valued at $112,000 after acquiring an additional 4,504 shares during the last quarter. Cowen AND Company LLC increased its stake in shares of Lithium Americas by 50.0% in the 2nd quarter. Cowen AND Company LLC now owns 15,000 shares of the company’s stock valued at $40,000 after acquiring an additional 5,000 shares during the last quarter. Finally, Quent Capital LLC raised its position in shares of Lithium Americas by 100.0% in the 3rd quarter. Quent Capital LLC now owns 10,000 shares of the company’s stock valued at $27,000 after acquiring an additional 5,000 shares during the period.

Lithium Americas Stock Performance

The firm’s 50 day moving average is $2.55 and its two-hundred day moving average is $3.34.

Lithium Americas (NYSE:LAC) last announced 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). On average, analysts forecast that Lithium Americas Corp. will post -0.09 earnings per share for the current fiscal year.

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.