Scotia Capital Inc. Cuts Holdings in Lithium Americas Corp. (NYSE:LAC)

Scotia Capital Inc. decreased its position in Lithium Americas Corp. (NYSE:LAC) by 48.1% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 308,036 shares of the company’s stock after selling 285,805 shares during the period. Scotia Capital Inc.’s holdings in Lithium Americas were worth $915,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the company. National Bank of Canada FI increased its position in shares of Lithium Americas by 13.2% during the third quarter. National Bank of Canada FI now owns 37,129 shares of the company’s stock valued at $100,000 after acquiring an additional 4,340 shares during the last quarter. Allworth Financial LP grew its stake in Lithium Americas by 99.4% in the 4th quarter. Allworth Financial LP now owns 9,814 shares of the company’s stock valued at $31,000 after purchasing an additional 4,893 shares during the period. Perigon Wealth Management LLC increased its position in shares of Lithium Americas by 46.2% during the 4th quarter. Perigon Wealth Management LLC now owns 15,824 shares of the company’s stock valued at $47,000 after purchasing an additional 5,000 shares during the last quarter. HighTower Advisors LLC raised its stake in shares of Lithium Americas by 13.4% during the 3rd quarter. HighTower Advisors LLC now owns 50,473 shares of the company’s stock worth $138,000 after purchasing an additional 5,952 shares during the period. Finally, Balboa Wealth Partners boosted its holdings in shares of Lithium Americas by 15.9% in the 4th quarter. Balboa Wealth Partners now owns 51,118 shares of the company’s stock worth $152,000 after buying an additional 7,000 shares during the last quarter.

Lithium Americas Stock Performance

Shares of NYSE LAC opened at $2.69 on Monday. The stock has a fifty day moving average of $2.85 and a 200-day moving average of $3.19. The stock has a market cap of $593.64 million, a PE ratio of -22.42 and a beta of 1.01. Lithium Americas Corp. has a fifty-two week low of $2.02 and a fifty-two week high of $7.40.

Lithium Americas (NYSE:LAC) last posted its earnings results on Friday, March 28th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.09). On average, sell-side analysts predict that Lithium Americas Corp. will post -0.12 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Scotiabank decreased their price objective on shares of Lithium Americas from $3.00 to $2.75 and set a “sector perform” rating for the company in a report on Monday, March 31st. Cormark raised shares of Lithium Americas to a “moderate buy” rating in a report on Friday, January 17th. National Bankshares reiterated an “outperform” rating on shares of Lithium Americas in a research note on Wednesday, April 2nd. Piper Sandler decreased their target price on Lithium Americas from $3.90 to $3.50 and set a “neutral” rating for the company in a research report on Tuesday, January 7th. Finally, Wedbush initiated coverage on Lithium Americas in a research report on Thursday, December 19th. They set a “neutral” rating and a $5.00 price target on the stock. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Lithium Americas has an average rating of “Hold” and an average price target of $4.84.

About Lithium Americas

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.