Lithium Americas (NYSE:LAC) Stock Price Down 4.7% – Here’s What Happened

Shares of Lithium Americas Corp. (NYSE:LAC) were down 4.7% during mid-day trading on Monday . The stock traded as low as $4.72 and last traded at $4.7750. Approximately 8,265,955 shares changed hands during mid-day trading, a decline of 31% from the average daily volume of 12,023,810 shares. The stock had previously closed at $5.01.

Wall Street Analysts Forecast Growth

Several research firms recently commented on LAC. Wedbush began coverage on shares of Lithium Americas in a research report on Monday, April 20th. They issued a “neutral” rating and a $8.00 price objective on the stock. Wall Street Zen raised shares of Lithium Americas from a “strong sell” rating to a “sell” rating in a research report on Saturday. Scotiabank cut their price objective on shares of Lithium Americas from $7.00 to $5.00 and set a “sector perform” rating on the stock in a research report on Monday, April 6th. TD Securities raised shares of Lithium Americas to a “hold” rating in a research report on Monday, February 9th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Lithium Americas in a research report on Monday, February 23rd. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $5.71.

Lithium Americas Stock Down 4.7%

The firm’s 50-day simple moving average is $4.61 and its 200 day simple moving average is $4.92. The company has a debt-to-equity ratio of 0.50, a quick ratio of 5.16 and a current ratio of 5.16. The stock has a market capitalization of $1.66 billion, a P/E ratio of -11.65 and a beta of 2.50.

Lithium Americas (NYSE:LAC) last issued its quarterly earnings results on Thursday, May 14th. The company reported $0.00 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.07. As a group, research analysts expect that Lithium Americas Corp. will post -0.3 EPS for the current year.

Institutional Investors Weigh In On Lithium Americas

A number of institutional investors and hedge funds have recently modified their holdings of LAC. Van ECK Associates Corp raised its holdings in shares of Lithium Americas by 158.1% in the 3rd quarter. Van ECK Associates Corp now owns 14,479,615 shares of the company’s stock valued at $82,679,000 after purchasing an additional 8,868,971 shares during the period. Millennium Management LLC raised its holdings in shares of Lithium Americas by 1,188.3% in the 3rd quarter. Millennium Management LLC now owns 3,307,103 shares of the company’s stock valued at $18,885,000 after purchasing an additional 3,050,405 shares during the period. Legal & General Group Plc raised its holdings in shares of Lithium Americas by 212.7% in the 4th quarter. Legal & General Group Plc now owns 3,062,306 shares of the company’s stock valued at $13,349,000 after purchasing an additional 2,082,891 shares during the period. Trexquant Investment LP bought a new stake in shares of Lithium Americas in the 4th quarter valued at about $6,055,000. Finally, Old West Investment Management LLC bought a new stake in shares of Lithium Americas in the 3rd quarter valued at about $7,647,000.

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.