Lithium Americas (NYSE:LAC) Stock Price Down 1.3% – Here’s What Happened

Lithium Americas Corp. (NYSE:LAC)’s stock price dropped 1.3% during mid-day trading on Thursday . The company traded as low as $5.38 and last traded at $5.5150. Approximately 11,510,063 shares traded hands during trading, a decline of 28% from the average daily volume of 16,050,492 shares. The stock had previously closed at $5.59.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on LAC. Weiss Ratings reissued a “sell (d-)” rating on shares of Lithium Americas in a report on Friday, October 31st. BMO Capital Markets lifted their target price on Lithium Americas from $3.50 to $5.00 and gave the stock a “market perform” rating in a report on Thursday, October 2nd. JPMorgan Chase & Co. raised shares of Lithium Americas from an “underweight” rating to a “neutral” rating and set a $5.00 target price for the company in a research report on Thursday, November 6th. Scotiabank raised shares of Lithium Americas from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 13th. Finally, Wedbush lifted their price objective on shares of Lithium Americas from $5.00 to $8.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 1st. Three investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Lithium Americas currently has a consensus rating of “Hold” and a consensus price target of $5.56.

Lithium Americas Trading Down 1.3%

The company has a debt-to-equity ratio of 0.84, a quick ratio of 3.77 and a current ratio of 3.77. The company has a market capitalization of $1.67 billion, a price-to-earnings ratio of -5.25 and a beta of 1.57. The firm has a fifty day moving average price of $4.97 and a 200-day moving average price of $4.40.

Lithium Americas (NYSE:LAC) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.03. As a group, equities analysts anticipate that Lithium Americas Corp. will post -0.12 EPS for the current year.

Insider Activity

In related news, SVP Edward Grandy sold 6,183 shares of the stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $4.50, for a total transaction of $27,823.50. Following the sale, the senior vice president owned 135,466 shares in the company, valued at approximately $609,597. This trade represents a 4.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last quarter, insiders have sold 10,960 shares of company stock worth $49,372. Company insiders own 1.11% of the company’s stock.

Institutional Investors Weigh In On Lithium Americas

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. increased its position in Lithium Americas by 44.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,046,556 shares of the company’s stock worth $2,836,000 after purchasing an additional 324,518 shares in the last quarter. Teamwork Financial Advisors LLC boosted its position in Lithium Americas by 18.1% in the second quarter. Teamwork Financial Advisors LLC now owns 1,012,822 shares of the company’s stock valued at $2,714,000 after buying an additional 155,068 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Lithium Americas by 5.1% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 328,582 shares of the company’s stock worth $874,000 after buying an additional 15,898 shares during the last quarter. Bank of Montreal Can increased its holdings 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 buying an additional 821,120 shares in the last quarter. Finally, Axxcess Wealth Management LLC increased its holdings in shares of Lithium Americas by 33.9% during the second quarter. Axxcess Wealth Management LLC now owns 16,582 shares of the company’s stock worth $44,000 after buying an additional 4,200 shares in the last quarter.

About Lithium Americas

Lithium Americas Corp. is a Vancouver‐based resource company focused on the development of lithium projects to support the global transition to electric vehicles and renewable energy storage. The company specializes in advancing lithium brine and claystone assets through feasibility studies, environmental permitting and engineering design. Its technical teams work to produce high‐purity lithium chemicals, including lithium carbonate and lithium hydroxide, for battery manufacturers worldwide.

Lithium Americas’ two flagship projects are the Cauchari‐Olaroz lithium brine operation in Jujuy Province, Argentina—developed in partnership with Ganfeng Lithium—and the Thacker Pass lithium clay deposit in northern Nevada, United States.