Lithium Americas (Argentina) (NYSE:LAR) Issues Earnings Results

Lithium Americas (Argentina) (NYSE:LAR) issued its quarterly earnings results on Monday. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.01), Zacks reports.

Lithium Americas (Argentina) Trading Up 9.0%

NYSE:LAR opened at $4.24 on Tuesday. The company has a fifty day moving average of $3.88 and a 200 day moving average of $2.94. Lithium Americas has a 52 week low of $1.71 and a 52 week high of $5.47.

Hedge Funds Weigh In On Lithium Americas (Argentina)

Several hedge funds and other institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Lithium Americas (Argentina) by 9.3% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,786,166 shares of the company’s stock worth $9,975,000 after purchasing an additional 408,065 shares during the period. Invesco Ltd. raised its position in Lithium Americas (Argentina) by 42.3% during the 2nd quarter. Invesco Ltd. now owns 2,198,736 shares of the company’s stock valued at $4,573,000 after purchasing an additional 653,351 shares during the last quarter. Woodline Partners LP purchased a new stake in Lithium Americas (Argentina) in the 1st quarter worth approximately $3,456,000. Goldman Sachs Group Inc. bought a new stake in shares of Lithium Americas (Argentina) in the 1st quarter worth approximately $1,064,000. Finally, Bank of America Corp DE increased its stake in shares of Lithium Americas (Argentina) by 5.4% during the second quarter. Bank of America Corp DE now owns 395,652 shares of the company’s stock valued at $823,000 after buying an additional 20,253 shares during the period. 49.17% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on LAR. BMO Capital Markets raised their price objective on Lithium Americas (Argentina) from $2.50 to $4.00 and gave the company a “market perform” rating in a report on Tuesday, August 12th. Weiss Ratings reissued a “sell (d)” rating on shares of Lithium Americas (Argentina) in a research note on Wednesday, October 8th. National Bankshares raised shares of Lithium Americas (Argentina) from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $2.90 to $4.50 in a research note on Tuesday, August 12th. Cormark raised shares of Lithium Americas (Argentina) to a “moderate buy” rating in a report on Wednesday, August 20th. Finally, Zacks Research raised shares of Lithium Americas (Argentina) from a “strong sell” rating to a “hold” rating in a research note on Monday, September 15th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Lithium Americas (Argentina) has a consensus rating of “Hold” and an average price target of $4.00.

About Lithium Americas (Argentina)

Lithium Argentina AG, a resource and materials company, focuses on advancing lithium projects in Argentina. The company owns interests in the Cauchari-Olaroz project located in Jujuy province; and the Pastos Grandes project located in Salta Province of Argentina. The company was formerly known as Lithium Americas (Argentina) Corp.