Lithium Americas (Argentina) (NYSE:LAR) Shares Down 5.6% – Here’s Why

Shares of Lithium Americas (Argentina) Corp. (NYSE:LAR) fell 5.6% during mid-day trading on Monday . The company traded as low as $6.39 and last traded at $6.3810. 928,511 shares traded hands during trading, a decline of 71% from the average session volume of 3,178,892 shares. The stock had previously closed at $6.76.

Analyst Ratings Changes

Several brokerages have recently weighed in on LAR. National Bank Financial increased their target price on shares of Lithium Americas (Argentina) from $4.75 to $6.50 and gave the company an “outperform” rating in a research note on Friday, December 19th. TD Securities upgraded Lithium Americas (Argentina) to a “strong-buy” rating in a report on Monday, February 9th. Deutsche Bank Aktiengesellschaft upgraded Lithium Americas (Argentina) from a “hold” rating to a “buy” rating and set a $8.30 price objective for the company in a report on Tuesday, January 13th. Stifel Nicolaus upped their price target on shares of Lithium Americas (Argentina) from $6.00 to $8.50 and gave the stock a “buy” rating in a report on Wednesday, January 7th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Lithium Americas (Argentina) in a report on Wednesday, December 24th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $7.44.

Lithium Americas (Argentina) Stock Down 4.5%

The firm has a market capitalization of $1.05 billion and a PE ratio of -12.91. The company’s 50-day simple moving average is $7.35 and its 200 day simple moving average is $5.45.

Institutional Investors Weigh In On Lithium Americas (Argentina)

Large investors have recently bought and sold shares of the company. Van ECK Associates Corp lifted its holdings in Lithium Americas (Argentina) by 119.3% in the third quarter. Van ECK Associates Corp now owns 9,594,157 shares of the company’s stock valued at $32,045,000 after acquiring an additional 5,219,416 shares during the period. CenterBook Partners LP raised its holdings in Lithium Americas (Argentina) by 102.1% in the 3rd quarter. CenterBook Partners LP now owns 4,200,238 shares of the company’s stock worth $14,029,000 after purchasing an additional 2,122,035 shares during the period. Seldon Capital LP purchased a new position in Lithium Americas (Argentina) during the third quarter worth approximately $6,076,000. Millennium Management LLC grew its stake in Lithium Americas (Argentina) by 441.1% in the 4th quarter. Millennium Management LLC now owns 2,200,722 shares of the company’s stock valued at $12,281,000 after acquiring an additional 1,793,994 shares during the period. Finally, Woodline Partners LP acquired a new stake in shares of Lithium Americas (Argentina) in the first quarter valued at about $3,456,000. Hedge funds and other institutional investors own 49.17% of the company’s stock.

About Lithium Americas (Argentina)

Lithium Americas (Argentina) is a subsidiary of Lithium Americas Corp. focused on the exploration, development and production of lithium brine resources in the Jujuy province of northwest Argentina. The company’s principal asset is the Cauchari-Olaroz project, situated within the Lithium Triangle, one of the world’s richest regions for lithium-bearing brines. Through its Argentine operations, Lithium Americas aims to supply battery-grade lithium carbonate critical to electric vehicle and energy-storage markets.

The Cauchari-Olaroz project encompasses concessions on the Salar de Cauchari and Salar de Olaroz salt flats, where detailed drilling programs and pilot‐scale evaporation ponds have demonstrated favorable lithium concentrations.