Lithium Argentina (NYSE:LAR) Given New $3.00 Price Target at Scotiabank

Lithium Argentina (NYSE:LAR) had its target price lowered by Scotiabank from $3.50 to $3.00 in a research note published on Tuesday,Benzinga reports. The brokerage currently has a sector outperform rating on the stock.

Separately, National Bankshares dropped their price target on Lithium Argentina from $3.75 to $3.50 and set a “sector perform” rating for the company in a research note on Wednesday, March 19th.

Lithium Argentina Stock Down 0.5%

Shares of NYSE LAR opened at $1.90 on Tuesday. The firm has a 50-day simple moving average of $2.10. Lithium Argentina has a 12-month low of $1.73 and a 12-month high of $5.07. The stock has a market capitalization of $307.61 million, a P/E ratio of 0.24 and a beta of 1.36.

Lithium Argentina (NYSE:LAR) last announced its earnings results on Wednesday, May 14th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.03). As a group, equities research analysts expect that Lithium Argentina will post -0.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lithium Argentina

A number of institutional investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Lithium Argentina in the 1st quarter valued at about $9,308,000. Hancock Prospecting Pty Ltd bought a new position in Lithium Argentina in the first quarter worth about $5,368,000. CenterBook Partners LP bought a new position in Lithium Argentina in the first quarter worth about $4,613,000. Woodline Partners LP acquired a new position in Lithium Argentina in the first quarter valued at approximately $3,456,000. Finally, Invesco Ltd. bought a new position in shares of Lithium Argentina during the first quarter valued at approximately $3,307,000. Institutional investors and hedge funds own 49.17% of the company’s stock.

Lithium Argentina Company Profile

Lithium Argentina AG, a resource and materials company, focuses on advancing lithium projects in Argentina. The company owns interests in the Cauchari-Olaroz project located in Jujuy province; and the Pastos Grandes project located in Salta Province of Argentina. The company was formerly known as Lithium Americas (Argentina) Corp.