Lithium Americas (NYSE:LAC) Shares Down 7% After Analyst Downgrade

Lithium Americas Corp. (NYSE:LAC)’s stock price fell 7% on Monday after Scotiabank lowered their price target on the stock from $3.00 to $2.50. Scotiabank currently has a sector perform rating on the stock. Lithium Americas traded as low as $2.92 and last traded at $2.92. 4,616,826 shares changed hands during trading, an increase of 1% from the average session volume of 4,580,013 shares. The stock had previously closed at $3.14.

Several other research analysts have also weighed in on the stock. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Lithium Americas from $3.00 to $2.50 and set a “hold” rating on the stock in a research note on Friday, August 16th. Piper Sandler began coverage on Lithium Americas in a report on Monday, July 29th. They set a “neutral” rating and a $3.90 price objective for the company. National Bank Financial raised Lithium Americas from a “sector perform” rating to an “outperform” rating in a research report on Thursday, October 17th. Finally, B. Riley dropped their target price on Lithium Americas from $4.50 to $4.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $5.50.

Hedge Funds Weigh In On Lithium Americas

Several institutional investors have recently bought and sold shares of the stock. International Assets Investment Management LLC increased its holdings in shares of Lithium Americas by 194.1% during the 3rd quarter. International Assets Investment Management LLC now owns 33,008 shares of the company’s stock valued at $89,000 after acquiring an additional 21,783 shares during the last quarter. Sterling Investment Counsel LLC acquired a new position in Lithium Americas during the third quarter valued at approximately $75,000. Signaturefd LLC grew its holdings in Lithium Americas by 1,450.5% during the third quarter. Signaturefd LLC now owns 30,995 shares of the company’s stock valued at $84,000 after purchasing an additional 28,996 shares during the last quarter. Koss Olinger Consulting LLC raised its position in shares of Lithium Americas by 41.8% in the third quarter. Koss Olinger Consulting LLC now owns 129,211 shares of the company’s stock valued at $349,000 after purchasing an additional 38,062 shares during the period. Finally, Teamwork Financial Advisors LLC boosted its holdings in shares of Lithium Americas by 2,274.3% during the 3rd quarter. Teamwork Financial Advisors LLC now owns 398,760 shares of the company’s stock worth $1,077,000 after buying an additional 381,965 shares during the period.

Lithium Americas Stock Up 10.5 %

The business’s 50 day moving average is $2.59 and its 200-day moving average is $3.27.

Lithium Americas (NYSE:LAC) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). Equities analysts anticipate that Lithium Americas Corp. will post -0.09 earnings per share for the current fiscal year.

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.