Lithium Americas (NYSE:LAC) Releases Earnings Results, Beats Expectations By $0.07 EPS

Lithium Americas (NYSE:LAC) issued its quarterly earnings results on Thursday. The company reported $0.00 EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.07, reports.

Lithium Americas Stock Performance

NYSE LAC traded down $0.12 during trading on Friday, reaching $5.02. 11,316,721 shares of the company’s stock were exchanged, compared to its average volume of 13,325,903. The business has a 50 day moving average price of $4.61 and a 200-day moving average price of $4.93. The stock has a market capitalization of $1.74 billion, a P/E ratio of -12.25 and a beta of 2.50. The company has a debt-to-equity ratio of 0.50, a current ratio of 5.16 and a quick ratio of 5.16. Lithium Americas has a fifty-two week low of $2.47 and a fifty-two week high of $10.52.

Hedge Funds Weigh In On Lithium Americas

A number of institutional investors have recently bought and sold shares of LAC. Millennium Management LLC increased its position in Lithium Americas by 1,188.3% during the third quarter. Millennium Management LLC now owns 3,307,103 shares of the company’s stock worth $18,885,000 after buying an additional 3,050,405 shares during the last quarter. Van ECK Associates Corp increased its position in Lithium Americas by 20.8% during the fourth quarter. Van ECK Associates Corp now owns 17,495,908 shares of the company’s stock worth $76,282,000 after buying an additional 3,016,293 shares during the last quarter. Trexquant Investment LP acquired a new position in Lithium Americas during the fourth quarter worth approximately $6,055,000. Balyasny Asset Management L.P. acquired a new position in Lithium Americas during the fourth quarter worth approximately $4,958,000. Finally, Renaissance Technologies LLC acquired a new position in Lithium Americas during the fourth quarter worth approximately $3,833,000.

Analyst Ratings Changes

Several analysts recently issued reports on LAC shares. TD Securities upgraded Lithium Americas to a “hold” rating in a report on Monday, February 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Lithium Americas in a report on Monday, April 27th. Scotiabank decreased their target price on shares of Lithium Americas from $7.00 to $5.00 and set a “sector perform” rating for the company in a research note on Monday, April 6th. Jefferies Financial Group restated a “buy” rating on shares of Lithium Americas in a report on Monday, February 23rd. Finally, Wall Street Zen upgraded shares of Lithium Americas from a “strong sell” rating to a “sell” rating in a research note on Saturday. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Lithium Americas presently has an average rating of “Hold” and a consensus price target of $5.71.

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.