Lithium Americas (NYSE:LAC) Trading Down 0.9% – Here’s Why

Shares of Lithium Americas Corp. (NYSE:LAC) dropped 0.9% during trading on Tuesday . The stock traded as low as $4.10 and last traded at $4.19. Approximately 6,949,215 shares were traded during trading, an increase of 30% from the average daily volume of 5,333,414 shares. The stock had previously closed at $4.23.

Wall Street Analyst Weigh In

LAC has been the topic of several recent analyst reports. BMO Capital Markets raised shares of Lithium Americas to a “hold” rating in a research report on Wednesday, October 23rd. Scotiabank dropped their price target on shares of Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating on the stock in a report on Friday, October 18th. Piper Sandler began coverage on shares of Lithium Americas in a report on Monday, July 29th. They set a “neutral” rating and a $3.90 price target on the stock. B. Riley raised their price target on shares of Lithium Americas from $4.50 to $5.00 and gave the company a “buy” rating in a report on Tuesday. Finally, National Bank Financial raised shares of Lithium Americas from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 17th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Lithium Americas currently has an average rating of “Hold” and an average target price of $5.63.

Lithium Americas Stock Down 8.3 %

The company has a market cap of $853.98 million and a PE ratio of -33.17. The business’s fifty day moving average is $3.07 and its 200-day moving average is $3.08.

Lithium Americas (NYSE:LAC) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). Analysts forecast that Lithium Americas Corp. will post -0.1 EPS for the current fiscal year.

Institutional Investors Weigh In On Lithium Americas

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Headlands Technologies LLC raised its stake in Lithium Americas by 2,332.3% during the 1st quarter. Headlands Technologies LLC now owns 7,686 shares of the company’s stock worth $52,000 after acquiring an additional 7,370 shares during the period. Fairscale Capital LLC bought a new stake in Lithium Americas during the 2nd quarter worth approximately $27,000. Quent Capital LLC raised its stake in Lithium Americas by 100.0% during the 3rd quarter. Quent Capital LLC now owns 10,000 shares of the company’s stock worth $27,000 after acquiring an additional 5,000 shares during the period. Evergreen Capital Management LLC bought a new stake in Lithium Americas during the 2nd quarter worth approximately $27,000. Finally, AE Wealth Management LLC bought a new stake in Lithium Americas during the 2nd quarter worth approximately $27,000.

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.