Short Interest in Lithium Americas Corp. (NYSE:LAC) Drops By 14.5%

Lithium Americas Corp. (NYSE:LAC) was the recipient of a significant drop in short interest in the month of March. As of March 31st, there was short interest totalling 14,820,000 shares, a drop of 14.5% from the March 15th total of 17,340,000 shares. Approximately 11.4% of the company’s shares are short sold. Based on an average daily trading volume, of 3,560,000 shares, the short-interest ratio is presently 4.2 days.

Institutional Trading of Lithium Americas

A number of hedge funds have recently made changes to their positions in the stock. General Motors Holdings LLC grew its position in shares of Lithium Americas by 100.0% during the fourth quarter. General Motors Holdings LLC now owns 30,004,488 shares of the company’s stock worth $190,829,000 after buying an additional 15,002,245 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Lithium Americas by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 3,587,703 shares of the company’s stock worth $22,961,000 after purchasing an additional 53,563 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Lithium Americas by 24.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,345,908 shares of the company’s stock worth $15,122,000 after purchasing an additional 461,635 shares during the period. Van ECK Associates Corp boosted its holdings in Lithium Americas by 22.2% in the fourth quarter. Van ECK Associates Corp now owns 2,033,397 shares of the company’s stock worth $13,015,000 after purchasing an additional 369,879 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in Lithium Americas by 395.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,057,533 shares of the company’s stock worth $6,768,000 after purchasing an additional 844,229 shares during the period.

Lithium Americas Price Performance

LAC stock opened at $6.80 on Tuesday. Lithium Americas has a twelve month low of $3.81 and a twelve month high of $12.38. The firm has a 50 day simple moving average of $5.65 and a 200-day simple moving average of $6.54.

Lithium Americas (NYSE:LAC) last released its quarterly earnings results on Friday, March 15th. The company reported ($0.08) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.08). On average, equities analysts anticipate that Lithium Americas will post -0.15 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

LAC has been the topic of several research reports. Evercore ISI cut their price target on shares of Lithium Americas from $13.00 to $9.00 and set an “outperform” rating on the stock in a report on Friday, March 15th. JPMorgan Chase & Co. lifted their price objective on shares of Lithium Americas from $5.50 to $7.00 and gave the company a “neutral” rating in a research note on Monday, March 18th. Finally, Scotiabank lowered shares of Lithium Americas from a “sector outperform” rating to a “sector perform” rating and dropped their price objective for the company from $15.00 to $7.00 in a research note on Monday, March 18th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Lithium Americas presently has an average rating of “Moderate Buy” and an average price target of $14.94.

Lithium Americas Company Profile

Lithium Americas Corp. engages in the exploration and development of lithium properties in the United States and Canada. It holds a 100% interest in the Thacker Pass project located in northern Nevada, as well as investments in exploration properties in the United States and Canada. Lithium Americas Corp.