Lithium Americas (Argentina) (NYSE:LAR) Trading Down 7.5% – What’s Next?

Lithium Americas (Argentina) Corp. (NYSE:LAR) traded down 7.5% during mid-day trading on Thursday . The company traded as low as $10.00 and last traded at $9.9960. 754,303 shares were traded during mid-day trading, a decline of 78% from the average session volume of 3,426,046 shares. The stock had previously closed at $10.81.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. 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. Zacks Research upgraded shares of Lithium Americas (Argentina) from a “hold” rating to a “strong-buy” rating in a research report on Monday. Wall Street Zen upgraded shares of Lithium Americas (Argentina) from a “sell” rating to a “hold” rating in a research report on Saturday, March 28th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Lithium Americas (Argentina) in a research report on Monday, March 23rd. Finally, HSBC upgraded Lithium Americas (Argentina) from a “hold” rating to a “buy” rating and upped their target price for the stock from $4.75 to $9.60 in a research note on Monday, January 19th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $7.77.

Lithium Americas (Argentina) Stock Performance

The stock has a fifty day simple moving average of $8.10 and a two-hundred day simple moving average of $6.78. The stock has a market cap of $1.61 billion and a price-to-earnings ratio of -26.09.

Lithium Americas (Argentina) (NYSE:LAR) last released its quarterly earnings data on Tuesday, May 12th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.07). Equities analysts expect that Lithium Americas will post 0.44 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lithium Americas (Argentina)

A number of institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada acquired a new position in Lithium Americas (Argentina) in the 1st quarter valued at approximately $572,000. Goldman Sachs Group Inc. purchased a new stake in Lithium Americas (Argentina) during the first quarter worth about $1,064,000. Woodline Partners LP bought a new stake in Lithium Americas (Argentina) during the 1st quarter worth approximately $3,456,000. JPMorgan Chase & Co. bought a new stake in Lithium Americas (Argentina) during the second quarter valued at approximately $37,000. Finally, Northwestern Mutual Wealth Management Co. lifted its position in Lithium Americas (Argentina) by 7.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 54,020 shares of the company’s stock valued at $112,000 after purchasing an additional 3,575 shares during the last quarter. 49.17% of the stock is currently owned by institutional investors and hedge funds.

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.