Lithium Americas (Argentina) (NYSE:LAR) Stock Price Down 6% After Analyst Downgrade

Lithium Americas (Argentina) Corp. (NYSE:LAR)’s share price traded down 6% during mid-day trading on Wednesday after Zacks Research downgraded the stock from a strong-buy rating to a hold rating. The stock traded as low as $8.07 and last traded at $8.0180. 425,479 shares changed hands during trading, a decline of 87% from the average session volume of 3,238,257 shares. The stock had previously closed at $8.53.

Several other brokerages also recently issued reports on LAR. Scotiabank raised their price target on Lithium Americas (Argentina) from $8.50 to $11.00 and gave the company a “sector outperform” rating in a report on Friday, May 15th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Lithium Americas (Argentina) in a research report on Monday, March 23rd. Wall Street Zen upgraded Lithium Americas (Argentina) from a “sell” rating to a “hold” rating in a research report on Saturday, March 28th. Finally, 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. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Lithium Americas (Argentina) has a consensus rating of “Moderate Buy” and an average price target of $8.13.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. TD Waterhouse Canada Inc. increased its position in shares of Lithium Americas (Argentina) by 538.8% in the fourth quarter. TD Waterhouse Canada Inc. now owns 6,995 shares of the company’s stock worth $39,000 after purchasing an additional 5,900 shares during the period. Insigneo Advisory Services LLC bought a new position in shares of Lithium Americas (Argentina) in the third quarter worth $34,000. BNP Paribas Financial Markets increased its position in shares of Lithium Americas (Argentina) by 45.3% in the third quarter. BNP Paribas Financial Markets now owns 11,388 shares of the company’s stock worth $38,000 after purchasing an additional 3,552 shares during the period. Fifth Third Bancorp increased its position in shares of Lithium Americas (Argentina) by 250.0% in the fourth quarter. Fifth Third Bancorp now owns 14,000 shares of the company’s stock worth $78,000 after purchasing an additional 10,000 shares during the period. Finally, Modera Wealth Management LLC bought a new position in shares of Lithium Americas (Argentina) in the first quarter worth $97,000. Institutional investors own 49.17% of the company’s stock.

Lithium Americas (Argentina) Price Performance

The stock has a 50-day moving average of $9.32 and a 200 day moving average of $7.55.

Lithium Americas (Argentina) (NYSE:LAR) last issued its quarterly earnings results on Tuesday, May 12th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.07). On average, analysts expect that Lithium Americas will post 0.29 EPS for the current fiscal year.

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.