Scotiabank Cuts Lithium Americas (NYSE:LAC) Price Target to $2.75

Lithium Americas (NYSE:LAC) had its price objective decreased by Scotiabank from $3.00 to $2.75 in a research report released on Monday morning,Benzinga reports. Scotiabank currently has a sector perform rating on the stock.

A number of other brokerages also recently commented on LAC. Piper Sandler dropped their target price on shares of Lithium Americas from $3.90 to $3.50 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Cormark upgraded Lithium Americas to a “moderate buy” rating in a report on Friday, January 17th. Finally, Wedbush began coverage on Lithium Americas in a research report on Thursday, December 19th. They set a “neutral” rating and a $5.00 target price for the company. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $4.84.

Lithium Americas Stock Performance

NYSE:LAC opened at $2.77 on Monday. The firm has a market capitalization of $611.30 million, a PE ratio of -23.08 and a beta of 1.77. The stock’s fifty day moving average is $2.93 and its 200 day moving average is $3.18. Lithium Americas has a fifty-two week low of $2.02 and a fifty-two week high of $7.71.

Lithium Americas (NYSE:LAC) last announced its quarterly earnings data on Friday, March 28th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.09). Equities analysts forecast that Lithium Americas will post -0.12 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in LAC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Lithium Americas by 8.0% during 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 acquiring an additional 240,418 shares in the last quarter. Quinn Opportunity Partners LLC increased its position in shares of Lithium Americas by 1,132.5% during the fourth quarter. Quinn Opportunity Partners LLC now owns 811,632 shares of the company’s stock worth $2,411,000 after purchasing an additional 745,777 shares in the last quarter. HITE Hedge Asset Management LLC lifted its holdings in shares of Lithium Americas by 150.9% during the 4th quarter. HITE Hedge Asset Management LLC now owns 731,473 shares of the company’s stock valued at $2,172,000 after purchasing an additional 439,974 shares during the last quarter. Teamwork Financial Advisors LLC boosted its position in shares of Lithium Americas by 79.2% in the 4th quarter. Teamwork Financial Advisors LLC now owns 714,381 shares of the company’s stock worth $2,122,000 after purchasing an additional 315,621 shares in the last quarter. Finally, Decade Renewable Partners LP purchased a new position in Lithium Americas during the 4th quarter worth $1,331,000.

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.