Lithium Americas (NYSE:LAC) Stock Price Down 1.5% – Here’s Why

Lithium Americas Corp. (NYSE:LAC)’s share price was down 1.5% during mid-day trading on Wednesday . The stock traded as low as $4.76 and last traded at $4.8650. Approximately 12,353,525 shares were traded during trading, a decline of 24% from the average daily volume of 16,197,624 shares. The stock had previously closed at $4.94.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Cowen lowered shares of Lithium Americas from a “buy” rating to a “hold” rating in a report on Wednesday, September 24th. Cormark downgraded Lithium Americas from a “moderate buy” rating to a “hold” rating in a research note on Thursday, October 2nd. JPMorgan Chase & Co. upgraded Lithium Americas from an “underweight” rating to a “neutral” rating and set a $5.00 price target for the company in a research report on Thursday, November 6th. Jefferies Financial Group lowered their price objective on Lithium Americas from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, September 24th. Finally, TD Cowen reaffirmed a “hold” rating and set a $5.00 target price on shares of Lithium Americas in a report on Thursday, September 25th. Two investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $5.33.

Lithium Americas Stock Down 1.5%

The business has a 50-day moving average price of $5.60 and a 200-day moving average price of $3.80. The stock has a market cap of $1.20 billion, a PE ratio of -21.15 and a beta of 1.41. The company has a current ratio of 9.88, a quick ratio of 9.88 and a debt-to-equity ratio of 0.33.

Lithium Americas (NYSE:LAC) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.02). As a group, analysts forecast that Lithium Americas Corp. will post -0.12 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Alexi Illya Zawadzki sold 353,914 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $9.48, for a total value of $3,355,104.72. Following the transaction, the vice president owned 40,005 shares in the company, valued at $379,247.40. This trade represents a 89.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.11% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Harbour Investments Inc. lifted its holdings in Lithium Americas by 86.1% in the second quarter. Harbour Investments Inc. now owns 9,900 shares of the company’s stock valued at $27,000 after acquiring an additional 4,580 shares during the last quarter. Ping Capital Management Inc. purchased a new stake in Lithium Americas in the first quarter valued at $27,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in shares of Lithium Americas in the 1st quarter valued at $27,000. Masso Torrence Wealth Management Inc. purchased a new position in shares of Lithium Americas during the 3rd quarter worth $57,000. Finally, Gainplan LLC acquired a new stake in shares of Lithium Americas during the 3rd quarter worth about $58,000.

About Lithium Americas

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.