Lithium Americas (Argentina) (NYSE:LAR) Stock Price Down 3.9% – Here’s What Happened

Lithium Americas (Argentina) Corp. (NYSE:LAR)’s stock price fell 3.9% during mid-day trading on Monday . The stock traded as low as $7.13 and last traded at $7.2230. 666,247 shares changed hands during trading, a decline of 81% from the average session volume of 3,455,904 shares. The stock had previously closed at $7.52.

Analyst Upgrades and Downgrades

LAR has been the subject of several research reports. Stifel Nicolaus lifted their target price on Lithium Americas (Argentina) from $6.00 to $8.50 and gave the company a “buy” rating in a research note on Wednesday, January 7th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Lithium Americas (Argentina) in a research note on Monday, March 23rd. Deutsche Bank Aktiengesellschaft upgraded Lithium Americas (Argentina) from a “hold” rating to a “buy” rating and set a $8.30 price target on the stock in a report on Tuesday, January 13th. National Bank Financial lifted their price objective on Lithium Americas (Argentina) from $4.75 to $6.50 and gave the stock an “outperform” rating in a research report on Friday, December 19th. Finally, Wall Street Zen upgraded shares of Lithium Americas (Argentina) from a “sell” rating to a “hold” rating in a research report on Saturday, March 28th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $7.77.

Lithium Americas (Argentina) Price Performance

The company has a 50-day moving average price of $6.99 and a 200-day moving average price of $5.87.

Hedge Funds Weigh In On Lithium Americas (Argentina)

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp increased its stake in shares of Lithium Americas (Argentina) by 119.3% in the 3rd 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 last quarter. CenterBook Partners LP boosted its stake in Lithium Americas (Argentina) by 102.1% during the 3rd quarter. CenterBook Partners LP now owns 4,200,238 shares of the company’s stock worth $14,029,000 after acquiring an additional 2,122,035 shares during the last quarter. Seldon Capital LP bought a new position in Lithium Americas (Argentina) during the 3rd quarter worth approximately $6,076,000. Millennium Management LLC grew its holdings in Lithium Americas (Argentina) by 441.1% during the fourth quarter. Millennium Management LLC now owns 2,200,722 shares of the company’s stock valued at $12,281,000 after purchasing an additional 1,793,994 shares during the period. Finally, Woodline Partners LP bought a new stake in Lithium Americas (Argentina) in the first quarter valued at approximately $3,456,000. Institutional investors own 49.17% of the company’s stock.

Lithium Americas (Argentina) Company Profile

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.