Lithium Americas (Argentina) (NYSE:LAR) Stock Price Up 10.9% – Still a Buy?

Lithium Americas (Argentina) Corp. (NYSE:LAR)’s stock price shot up 10.9% during trading on Friday . The company traded as high as $6.63 and last traded at $6.63. Approximately 230,494 shares changed hands during trading, a decline of 92% from the average session volume of 2,819,484 shares. The stock had previously closed at $5.98.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on LAR shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Lithium Americas (Argentina) in a research report on Thursday, July 2nd. Scotiabank dropped their price objective on shares of Lithium Americas (Argentina) from $10.00 to $9.50 and set a “sector outperform” rating for the company in a research report on Wednesday, August 12th. Finally, Zacks Research raised Lithium Americas (Argentina) from a “strong sell” rating to a “hold” rating in a report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $8.57.

Lithium Americas (Argentina) Price Performance

The stock has a market capitalization of $1.11 billion and a price-to-earnings ratio of -19.88. The stock has a 50-day moving average of $7.23 and a 200 day moving average of $7.87.

Lithium Americas (Argentina) (NYSE:LAR) last released its earnings results on Tuesday, August 11th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.04). During the same quarter in the prior year, the business posted ($0.03) EPS. Sell-side analysts anticipate that Lithium Americas will post 0.2 earnings per share for the current fiscal year.

Institutional Trading of Lithium Americas (Argentina)

A number of hedge funds have recently modified their holdings of LAR. Royal Bank of Canada bought a new position in Lithium Americas (Argentina) during the first quarter worth about $572,000. Goldman Sachs Group Inc. bought a new position in shares of Lithium Americas (Argentina) during the 1st quarter worth approximately $1,064,000. Woodline Partners LP acquired a new stake in Lithium Americas (Argentina) in the 1st quarter valued at $3,456,000. JPMorgan Chase & Co. bought a new stake in Lithium Americas (Argentina) during the second quarter worth about $37,000. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Lithium Americas (Argentina) by 7.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 54,020 shares of the company’s stock valued at $112,000 after buying an additional 3,575 shares during the last quarter. 49.17% of the stock is currently owned by institutional investors and hedge funds.

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.