Lithium Americas (Argentina) (NYSE:LAR) Posts Quarterly Earnings Results, Misses Estimates By $0.07 EPS

Lithium Americas (Argentina) (NYSE:LAR) released its quarterly earnings results on Tuesday. The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.07), Zacks reports.

Lithium Americas (Argentina) Stock Performance

Shares of LAR traded down $0.83 during midday trading on Tuesday, hitting $10.96. The company had a trading volume of 1,745,373 shares, compared to its average volume of 3,418,768. Lithium Americas has a 1 year low of $1.71 and a 1 year high of $12.05. The company’s 50-day simple moving average is $7.98 and its 200-day simple moving average is $6.68. The firm has a market capitalization of $1.78 billion and a P/E ratio of -23.46.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on LAR shares. Wall Street Zen upgraded shares of Lithium Americas (Argentina) from a “sell” rating to a “hold” rating in a research note on Saturday, March 28th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Lithium Americas (Argentina) in a report on Monday, March 23rd. HSBC upgraded Lithium Americas (Argentina) from a “hold” rating to a “buy” rating and upped their target price for the company from $4.75 to $9.60 in a report on Monday, January 19th. TD Securities increased their price objective on Lithium Americas (Argentina) from $7.00 to $9.00 and gave the stock a “buy” rating in a research report on Tuesday, March 24th. Finally, Scotiabank boosted their price objective on shares of Lithium Americas (Argentina) from $7.75 to $8.50 and gave the company a “sector outperform” rating in a report on Monday, April 6th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Lithium Americas (Argentina) currently has an average rating of “Moderate Buy” and an average price target of $7.77.

Institutional Trading of Lithium Americas (Argentina)

Institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. purchased a new stake in Lithium Americas (Argentina) in the second quarter valued at $37,000. BNP Paribas Financial Markets raised its position in Lithium Americas (Argentina) by 45.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,388 shares of the company’s stock worth $38,000 after buying an additional 3,552 shares during the last quarter. Diversify Advisory Services LLC purchased a new stake in Lithium Americas (Argentina) in the 2nd quarter valued at approximately $40,000. Raymond James Financial Inc. raised its position in Lithium Americas (Argentina) by 14.1% in the second quarter. Raymond James Financial Inc. now owns 26,030 shares of the company’s stock worth $54,000 after acquiring an additional 3,214 shares in the last quarter. Finally, SIH Partners LLLP purchased a new stake in Lithium Americas (Argentina) during the third quarter worth about $57,000. 49.17% of the stock is owned by hedge funds and other institutional investors.

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.