Lithium Americas (NYSE:LAC) Trading Down 10.6% – What’s Next?

Shares of Lithium Americas Corp. (NYSE:LAC) traded down 10.6% during trading on Tuesday . The company traded as low as $3.23 and last traded at $3.12. 1,449,794 shares changed hands during trading, a decline of 68% from the average session volume of 4,495,265 shares. The stock had previously closed at $3.49.

Wall Street Analysts Forecast Growth

LAC has been the topic of several research analyst reports. Piper Sandler dropped their price objective on shares of Lithium Americas from $3.90 to $3.50 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. Scotiabank decreased their target price on Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating on the stock in a research report on Friday, October 18th. B. Riley lifted their price target on Lithium Americas from $4.50 to $5.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. National Bank Financial raised Lithium Americas from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 17th. Finally, Cormark raised Lithium Americas to a “moderate buy” rating in a report on Friday. Seven research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $5.51.

Lithium Americas Stock Performance

The firm’s fifty day simple moving average is $3.47 and its 200 day simple moving average is $3.04. The stock has a market capitalization of $718.31 million, a P/E ratio of -27.13 and a beta of 1.67.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Marshall Wace LLP acquired a new position in shares of Lithium Americas during the 2nd quarter worth $10,252,000. Point72 Asset Management L.P. raised its stake in Lithium Americas by 580.1% during the second quarter. Point72 Asset Management L.P. now owns 1,857,193 shares of the company’s stock worth $4,977,000 after acquiring an additional 1,584,123 shares in the last quarter. Teamwork Financial Advisors LLC lifted its holdings in shares of Lithium Americas by 2,274.3% in the third quarter. Teamwork Financial Advisors LLC now owns 398,760 shares of the company’s stock worth $1,077,000 after acquiring an additional 381,965 shares during the last quarter. Merewether Investment Management LP acquired a new stake in shares of Lithium Americas in the 2nd quarter valued at approximately $858,000. Finally, HITE Hedge Asset Management LLC bought a new stake in shares of Lithium Americas during the 3rd quarter valued at approximately $787,000.

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.