Lithium Americas (NYSE:LAC) Trading Down 1.5% – Here’s Why

Lithium Americas Corp. (NYSE:LAC)’s share price dropped 1.5% during mid-day trading on Wednesday . The company traded as low as $4.76 and last traded at $4.8650. Approximately 12,353,525 shares were traded during mid-day trading, a decline of 24% from the average daily volume of 16,197,624 shares. The stock had previously closed at $4.94.

Analysts Set New Price Targets

LAC has been the subject of a number of research analyst reports. Cowen cut shares of Lithium Americas from a “buy” rating to a “hold” rating in a research report on Wednesday, September 24th. Cormark cut shares of Lithium Americas from a “moderate buy” rating to a “hold” rating in a research report on Thursday, October 2nd. Canaccord Genuity Group lowered shares of Lithium Americas from a “speculative buy” rating to a “sell” rating in a report on Thursday, October 2nd. Wedbush upped their price objective on Lithium Americas from $5.00 to $8.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 1st. Finally, BMO Capital Markets lifted their target price on Lithium Americas from $3.50 to $5.00 and gave the company a “market perform” rating in a report on Thursday, October 2nd. Two analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, Lithium Americas presently has an average rating of “Reduce” and an average price target of $5.33.

Lithium Americas Trading Down 1.5%

The stock has a market cap of $1.20 billion, a price-to-earnings ratio of -21.15 and a beta of 1.41. The business’s 50 day moving average is $5.60 and its 200 day moving average is $3.80. The company has a debt-to-equity ratio of 0.33, a current ratio of 9.88 and a quick ratio of 9.88.

Lithium Americas (NYSE:LAC) last released its quarterly earnings data on Thursday, August 14th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). As a group, equities analysts expect that Lithium Americas Corp. will post -0.12 earnings per share for the current fiscal year.

Insider Transactions at Lithium Americas

In other Lithium Americas news, VP Alexi Illya Zawadzki sold 353,914 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $9.48, for a total transaction of $3,355,104.72. Following the transaction, the vice president owned 40,005 shares of the company’s stock, valued at approximately $379,247.40. This trade represents a 89.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.11% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Old West Investment Management LLC purchased a new stake in Lithium Americas in the third quarter valued at approximately $7,647,000. Bank of Montreal Can grew its position in shares of Lithium Americas by 3,173.0% during the second quarter. Bank of Montreal Can now owns 846,998 shares of the company’s stock worth $2,266,000 after acquiring an additional 821,120 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Lithium Americas by 38.0% in the 2nd quarter. Invesco Ltd. now owns 1,666,561 shares of the company’s stock valued at $4,466,000 after acquiring an additional 459,252 shares during the period. Balyasny Asset Management L.P. acquired a new position in shares of Lithium Americas in the 2nd quarter valued at $1,057,000. Finally, Goldman Sachs Group Inc. raised its position in Lithium Americas by 44.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,046,556 shares of the company’s stock valued at $2,836,000 after purchasing an additional 324,518 shares during the last quarter.

Lithium Americas Company Profile

Lithium Americas Corp. engages in the exploration and development of lithium properties in the United States and Canada. It holds a 100% interest in the Thacker Pass project located in northern Nevada, as well as investments in exploration properties in the United States and Canada. Lithium Americas Corp.