Scotiabank Cuts Lithium Americas (NYSE:LAC) Price Target to $2.50

Lithium Americas (NYSE:LAC) had its target price reduced by Scotiabank from $3.00 to $2.50 in a report released on Friday morning, Marketbeat Ratings reports. They currently have a sector perform rating on the stock.

A number of other brokerages have also recently commented on LAC. Deutsche Bank Aktiengesellschaft lowered their price target 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. Piper Sandler initiated coverage on Lithium Americas in a report on Monday, July 29th. They set a “neutral” rating and a $3.90 target price for the company. National Bank Financial upgraded shares of Lithium Americas from a “sector perform” rating to an “outperform” rating in a report on Thursday. Finally, B. Riley decreased their price objective 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. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $5.50.

Lithium Americas Stock Performance

Shares of LAC opened at $3.14 on Friday. The company has a 50 day moving average of $2.55 and a two-hundred day moving average of $3.32. Lithium Americas has a twelve month low of $2.02 and a twelve month high of $8.07.

Lithium Americas (NYSE:LAC) last posted its quarterly earnings data 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). Equities analysts expect that Lithium Americas will post -0.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Lithium Americas

Large investors have recently made changes to their positions in the company. Marshall Wace LLP acquired a new stake in Lithium Americas during the second quarter valued at $10,252,000. Van ECK Associates Corp increased its stake in shares of Lithium Americas by 69.8% in the 2nd 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 in the last quarter. Point72 Asset Management L.P. raised its holdings in 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 during the period. Teamwork Financial Advisors LLC boosted its position in Lithium Americas by 2,274.3% during the third quarter. Teamwork Financial Advisors LLC now owns 398,760 shares of the company’s stock worth $1,077,000 after purchasing an additional 381,965 shares in the last quarter. Finally, Merewether Investment Management LP acquired a new stake in Lithium Americas in the second quarter valued at approximately $858,000.

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.