Lithium Americas (NYSE:LAC) Trading Down 3.2% – Here’s Why

Lithium Americas Corp. (NYSE:LAC) fell 3.2% during mid-day trading on Thursday . The company traded as low as $5.76 and last traded at $5.8650. 14,157,089 shares traded hands during trading, a decline of 18% from the average session volume of 17,362,393 shares. The stock had previously closed at $6.06.

Analysts Set New Price Targets

Several research firms have issued reports on LAC. JPMorgan Chase & Co. raised Lithium Americas from an “underweight” rating to a “neutral” rating and set a $5.00 target price for the company in a research note on Thursday, November 6th. Canaccord Genuity Group raised shares of Lithium Americas from a “sell” rating to a “hold” rating in a research report on Wednesday, November 19th. Jefferies Financial Group dropped their price target on shares of Lithium Americas from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, September 24th. Scotiabank boosted their price target on shares of Lithium Americas from $5.00 to $7.00 and gave the company a “sector perform” rating in a research note on Monday. Finally, TD Securities cut shares of Lithium Americas from a “buy” rating to a “hold” rating and set a $5.00 price objective for the company. in a research report on Thursday, September 25th. Three research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $5.81.

Lithium Americas Stock Performance

The company has a debt-to-equity ratio of 0.84, a quick ratio of 3.77 and a current ratio of 3.77. The stock has a market capitalization of $1.78 billion, a PE ratio of -5.59 and a beta of 1.57. The firm’s 50 day moving average is $5.03 and its two-hundred day moving average is $4.50.

Lithium Americas (NYSE:LAC) last released its earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. As a group, research analysts predict that Lithium Americas Corp. will post -0.12 earnings per share for the current year.

Insider Buying and Selling at Lithium Americas

In other news, SVP Edward Grandy sold 6,183 shares of the firm’s stock in a transaction on Friday, November 14th. The shares were sold at an average price of $4.50, for a total value of $27,823.50. Following the sale, the senior vice president directly owned 135,466 shares in the company, valued at approximately $609,597. This trade represents a 4.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, insiders have sold 10,960 shares of company stock valued at $49,372. 1.11% of the stock is currently owned by company insiders.

Institutional Trading of Lithium Americas

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Quarry LP acquired a new position in shares of Lithium Americas during the 3rd quarter worth about $28,000. Harbour Investments Inc. lifted its position in shares of Lithium Americas by 86.1% during the 2nd quarter. Harbour Investments Inc. now owns 9,900 shares of the company’s stock worth $27,000 after buying an additional 4,580 shares during the last quarter. Masso Torrence Wealth Management Inc. purchased a new stake in shares of Lithium Americas during the 3rd quarter worth approximately $57,000. Gainplan LLC purchased a new position in shares of Lithium Americas in the 3rd quarter valued at $58,000. Finally, Oppenheimer & Co. Inc. acquired a new stake in Lithium Americas during the 3rd quarter worth $60,000.

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.