Lithium Americas (NYSE:LAC) Shares Down 3.2% – Time to Sell?

Shares of Lithium Americas Corp. (NYSE:LAC) were down 3.2% during mid-day trading on Thursday . The company traded as low as $5.76 and last traded at $5.8650. Approximately 14,157,089 shares changed hands during trading, a decline of 18% from the average daily volume of 17,362,393 shares. The stock had previously closed at $6.06.

Analysts Set New Price Targets

LAC has been the topic of a number of analyst reports. TD Cowen reaffirmed a “hold” rating and set a $5.00 price objective on shares of Lithium Americas in a research report on Thursday, September 25th. Scotiabank upped their target price on shares of Lithium Americas from $5.00 to $7.00 and gave the stock a “sector perform” rating in a report on Monday, January 12th. TD Securities downgraded Lithium Americas from a “buy” rating to a “hold” rating and set a $5.00 price objective on the stock. in a research report on Thursday, September 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Lithium Americas in a research report on Friday, October 31st. Finally, Wedbush boosted their price target on Lithium Americas from $5.00 to $8.00 and gave the stock a “neutral” rating in a report on Wednesday, October 1st. Three equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Lithium Americas presently has an average rating of “Hold” and an average target price of $5.81.

Lithium Americas Stock Up 1.7%

The business has a 50-day moving average price of $5.08 and a 200 day moving average price of $4.54. The stock has a market capitalization of $1.81 billion, a P/E ratio of -5.69 and a beta of 1.57. The company has a current ratio of 3.77, a quick ratio of 3.77 and a debt-to-equity ratio of 0.84.

Lithium Americas (NYSE:LAC) last released its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.03. On average, equities analysts expect that Lithium Americas Corp. will post -0.12 EPS for the current fiscal year.

Insider Transactions at Lithium Americas

In other news, SVP Edward Grandy sold 6,183 shares of the firm’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $4.50, for a total value of $27,823.50. Following the completion of the sale, the senior vice president directly owned 135,466 shares of the company’s stock, valued at $609,597. This trade represents a 4.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 10,960 shares of company stock worth $49,372 in the last quarter. Corporate insiders own 1.11% of the company’s stock.

Institutional Trading of Lithium Americas

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Van ECK Associates Corp boosted its stake in Lithium Americas by 158.1% during the third quarter. Van ECK Associates Corp now owns 14,479,615 shares of the company’s stock worth $82,679,000 after buying an additional 8,868,971 shares during the period. Millennium Management LLC raised its stake in shares of Lithium Americas by 1,188.3% in the third quarter. Millennium Management LLC now owns 3,307,103 shares of the company’s stock valued at $18,885,000 after acquiring an additional 3,050,405 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Lithium Americas by 1.7% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,755,404 shares of the company’s stock worth $7,350,000 after acquiring an additional 45,941 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Lithium Americas by 44.3% during the 3rd quarter. Invesco Ltd. now owns 2,405,568 shares of the company’s stock worth $13,736,000 after purchasing an additional 739,007 shares during the period. Finally, Old West Investment Management LLC bought a new position in Lithium Americas during the 3rd quarter valued at about $7,647,000.

About Lithium Americas

Lithium Americas Corp. is a Vancouver‐based resource company focused on the development of lithium projects to support the global transition to electric vehicles and renewable energy storage. The company specializes in advancing lithium brine and claystone assets through feasibility studies, environmental permitting and engineering design. Its technical teams work to produce high‐purity lithium chemicals, including lithium carbonate and lithium hydroxide, for battery manufacturers worldwide.

Lithium Americas’ two flagship projects are the Cauchari‐Olaroz lithium brine operation in Jujuy Province, Argentina—developed in partnership with Ganfeng Lithium—and the Thacker Pass lithium clay deposit in northern Nevada, United States.