Lithium Americas (Argentina) (NYSE:LAR) Posts Earnings Results, Misses Expectations By $0.04 EPS

Lithium Americas (Argentina) (NYSE:LAR) issued its quarterly earnings results on Tuesday. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.04), FiscalAI reports. During the same period in the previous year, the company earned ($0.03) earnings per share.

Lithium Americas (Argentina) Stock Down 8.2%

Shares of NYSE LAR traded down $0.58 during midday trading on Tuesday, reaching $6.51. 470,025 shares of the company’s stock traded hands, compared to its average volume of 2,849,034. The stock’s 50 day simple moving average is $7.66 and its 200-day simple moving average is $7.96. Lithium Americas has a one year low of $2.97 and a one year high of $12.05. The company has a market cap of $1.07 billion and a price-to-earnings ratio of -17.17.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Zacks Research downgraded Lithium Americas (Argentina) from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lithium Americas (Argentina) in a research note on Thursday, July 2nd. Finally, Scotiabank lowered their price objective on Lithium Americas (Argentina) from $11.00 to $10.00 and set a “sector outperform” rating on the stock in a research report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $7.99.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Weiss Asset Management LP acquired a new position in Lithium Americas (Argentina) during the first quarter worth $756,000. Walleye Capital LLC acquired a new stake in Lithium Americas (Argentina) in the first quarter valued at $695,000. Renaissance Technologies LLC purchased a new position in shares of Lithium Americas (Argentina) in the first quarter valued at $5,328,000. Counterpoint Mutual Funds LLC purchased a new position in shares of Lithium Americas (Argentina) in the first quarter valued at $543,000. Finally, ABN Amro Investment Solutions acquired a new position in shares of Lithium Americas (Argentina) during the 1st quarter worth $6,335,000. Hedge funds and other institutional investors own 49.17% of the company’s stock.

About Lithium Americas (Argentina)

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.