Lithium Americas Corp. (NYSE:LAC) Sees Large Drop in Short Interest

Lithium Americas Corp. (NYSE:LAC) was the target of a large decline in short interest in the month of January. As of January 15th, there was short interest totaling 20,263,302 shares, a decline of 14.0% from the December 31st total of 23,556,062 shares. Currently, 6.8% of the company’s shares are short sold. Based on an average trading volume of 17,379,222 shares, the short-interest ratio is currently 1.2 days. Based on an average trading volume of 17,379,222 shares, the short-interest ratio is currently 1.2 days. Currently, 6.8% of the company’s shares are short sold.

Insider Activity

In related news, SVP Edward Grandy sold 6,183 shares of the stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $4.50, for a total transaction of $27,823.50. Following the transaction, the senior vice president owned 135,466 shares of the company’s stock, valued at approximately $609,597. This represents a 4.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders sold 10,960 shares of company stock valued at $49,372. 1.11% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lithium Americas

A number of institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. lifted its holdings in shares of Lithium Americas by 44.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,046,556 shares of the company’s stock valued at $2,836,000 after purchasing an additional 324,518 shares during the last quarter. Axxcess Wealth Management LLC boosted its stake in shares of Lithium Americas by 33.9% during the 2nd quarter. Axxcess Wealth Management LLC now owns 16,582 shares of the company’s stock valued at $44,000 after buying an additional 4,200 shares during the period. TD Asset Management Inc grew its stake in Lithium Americas by 14.2% in the second quarter. TD Asset Management Inc now owns 241,323 shares of the company’s stock valued at $644,000 after purchasing an additional 29,981 shares in the last quarter. Harbour Investments Inc. increased its position in Lithium Americas by 86.1% in the 2nd quarter. Harbour Investments Inc. now owns 9,900 shares of the company’s stock worth $27,000 after purchasing an additional 4,580 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in shares of Lithium Americas during the 2nd quarter valued at about $32,000.

Lithium Americas Trading Up 8.3%

Shares of NYSE LAC traded up $0.40 during trading on Tuesday, hitting $5.16. 18,483,679 shares of the company traded hands, compared to its average volume of 19,930,172. Lithium Americas has a 1 year low of $2.31 and a 1 year high of $10.52. The company has a 50-day moving average price of $5.28 and a 200-day moving average price of $4.79. The company has a quick ratio of 3.77, a current ratio of 3.77 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $1.56 billion, a P/E ratio of -4.91 and a beta of 1.55.

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

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. JPMorgan Chase & Co. upgraded shares of Lithium Americas from an “underweight” rating to a “neutral” rating and set a $5.00 price target for the company in a research note on Thursday, November 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Lithium Americas in a research report on Wednesday, January 28th. Scotiabank boosted their price target on shares of Lithium Americas from $5.00 to $7.00 and gave the company a “sector perform” rating in a research report on Monday, January 12th. Cormark raised Lithium Americas from a “hold” rating to a “moderate buy” rating in a report on Friday, November 21st. Finally, Canaccord Genuity Group raised Lithium Americas from a “sell” rating to a “hold” rating in a report on Wednesday, November 19th. Three analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Lithium Americas presently has a consensus rating of “Hold” and an average target price of $5.81.

Lithium Americas Company Profile

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.