Lithium Americas (NYSE:LAC) Shares Down 5.3% – Here’s What Happened

Lithium Americas Corp. (NYSE:LAC) shares were down 5.3% during mid-day trading on Wednesday . The stock traded as low as $3.36 and last traded at $3.39. Approximately 4,207,942 shares were traded during mid-day trading, a decline of 22% from the average daily volume of 5,405,980 shares. The stock had previously closed at $3.58.

Analyst Upgrades and Downgrades

Several research firms have commented on LAC. B. Riley increased their price target on shares of Lithium Americas from $4.50 to $5.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. BMO Capital Markets raised shares of Lithium Americas to a “hold” rating in a research report on Wednesday, October 23rd. National Bank Financial raised shares of Lithium Americas from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 17th. Deutsche Bank Aktiengesellschaft decreased their price objective on Lithium Americas from $3.00 to $2.50 and set a “hold” rating for the company in a report on Friday, August 16th. Finally, Scotiabank dropped their target price on Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating on the stock in a research note on Friday, October 18th. Six analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $5.63.

Lithium Americas Stock Performance

The company has a 50 day simple moving average of $3.62 and a two-hundred day simple moving average of $3.00. The firm has a market cap of $717.23 million and a PE ratio of -27.33.

Institutional Investors Weigh In On Lithium Americas

A number of large investors have recently bought and sold shares of LAC. Creative Financial Designs Inc. ADV lifted its stake in Lithium Americas by 39.5% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 13,040 shares of the company’s stock valued at $35,000 after acquiring an additional 3,693 shares during the period. National Bank of Canada FI lifted its position in Lithium Americas by 13.2% during the third quarter. National Bank of Canada FI now owns 37,129 shares of the company’s stock valued at $100,000 after purchasing an additional 4,340 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in Lithium Americas by 12.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 41,943 shares of the company’s stock valued at $112,000 after purchasing an additional 4,504 shares during the last quarter. Cowen AND Company LLC grew its position in Lithium Americas by 50.0% during the 2nd quarter. Cowen AND Company LLC now owns 15,000 shares of the company’s stock worth $40,000 after purchasing an additional 5,000 shares during the period. Finally, Quent Capital LLC raised its stake in shares of Lithium Americas by 100.0% during the 3rd quarter. Quent Capital LLC now owns 10,000 shares of the company’s stock valued at $27,000 after buying an additional 5,000 shares during the last quarter.

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.