Lithium Americas (NYSE:LAC) Trading Down 7.2% – Here’s What Happened

Lithium Americas Corp. (NYSE:LAC)’s share price was down 7.2% during mid-day trading on Tuesday . The stock traded as low as $2.80 and last traded at $2.78. Approximately 2,223,026 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 5,605,166 shares. The stock had previously closed at $2.99.

Analysts Set New Price Targets

Several research analysts have issued reports on LAC shares. National Bankshares lowered shares of Lithium Americas from an “outperform” rating to a “sector perform” rating in a research report on Friday, May 16th. Cormark raised shares of Lithium Americas to a “moderate buy” rating in a research note on Wednesday, August 20th. Wedbush reaffirmed a “neutral” rating and issued a $5.00 price objective on shares of Lithium Americas in a research note on Friday, May 16th. Finally, National Bank Financial lowered shares of Lithium Americas from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 16th. Two equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Lithium Americas has a consensus rating of “Hold” and a consensus target price of $4.15.

Lithium Americas Trading Down 5.9%

The company has a debt-to-equity ratio of 0.33, a current ratio of 9.88 and a quick ratio of 9.88. The company has a fifty day simple moving average of $2.84 and a two-hundred day simple moving average of $2.82. The company has a market capitalization of $680.27 million, a P/E ratio of -12.24 and a beta of 0.69.

Lithium Americas (NYSE:LAC) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). On average, analysts forecast that Lithium Americas Corp. will post -0.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lithium Americas

Hedge funds have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Lithium Americas by 8.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,254,848 shares of the company’s stock worth $9,732,000 after purchasing an additional 240,418 shares during the last quarter. Invesco Ltd. grew its position in Lithium Americas by 38.0% in the 2nd quarter. Invesco Ltd. now owns 1,666,561 shares of the company’s stock worth $4,466,000 after purchasing an additional 459,252 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Lithium Americas by 44.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,046,556 shares of the company’s stock worth $2,836,000 after purchasing an additional 324,518 shares during the last quarter. Teamwork Financial Advisors LLC grew its position in Lithium Americas by 18.1% in the 2nd quarter. Teamwork Financial Advisors LLC now owns 1,012,822 shares of the company’s stock worth $2,714,000 after purchasing an additional 155,068 shares during the last quarter. Finally, Bank of Montreal Can grew its position in Lithium Americas by 3,173.0% in the 2nd quarter. Bank of Montreal Can now owns 846,998 shares of the company’s stock worth $2,266,000 after purchasing an additional 821,120 shares during the last quarter.

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.