Lithium Americas (Argentina) (NYSE:LAR) Shares Down 7.4% – Here’s Why

Shares of Lithium Americas (Argentina) Corp. (NYSE:LAR) were down 7.4% during trading on Thursday . The company traded as low as $6.66 and last traded at $6.6510. Approximately 319,375 shares were traded during trading, a decline of 89% from the average daily volume of 2,961,316 shares. The stock had previously closed at $7.18.

Wall Street Analyst Weigh In

A number of analysts have issued reports on LAR shares. Wall Street Zen raised Lithium Americas (Argentina) from a “sell” rating to a “hold” rating in a report on Saturday, March 28th. TD Securities increased their price objective on Lithium Americas (Argentina) from $7.00 to $9.00 and gave the company a “buy” rating in a report on Tuesday, March 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Lithium Americas (Argentina) in a research note on Thursday, July 2nd. Scotiabank upped their price target on Lithium Americas (Argentina) from $8.50 to $11.00 and gave the company a “sector outperform” rating in a report on Friday, May 15th. Finally, Zacks Research lowered shares of Lithium Americas (Argentina) from a “hold” rating to a “strong sell” rating in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Lithium Americas (Argentina) currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.13.

Lithium Americas (Argentina) Price Performance

The firm has a market cap of $1.06 billion and a price-to-earnings ratio of -17.07. The stock has a 50-day moving average price of $9.11 and a 200 day moving average price of $8.04.

Lithium Americas (Argentina) (NYSE:LAR) last announced its earnings results on Tuesday, May 12th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.07). As a group, equities research analysts predict that Lithium Americas will post 0.28 earnings per share for the current year.

Institutional Trading of Lithium Americas (Argentina)

Institutional investors and hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. acquired a new stake in Lithium Americas (Argentina) during the 2nd quarter worth $37,000. BNP Paribas Financial Markets raised its holdings in shares of Lithium Americas (Argentina) by 45.3% in the third quarter. BNP Paribas Financial Markets now owns 11,388 shares of the company’s stock valued at $38,000 after buying an additional 3,552 shares during the last quarter. TD Waterhouse Canada Inc. boosted its stake in shares of Lithium Americas (Argentina) by 538.8% during the fourth quarter. TD Waterhouse Canada Inc. now owns 6,995 shares of the company’s stock worth $39,000 after buying an additional 5,900 shares during the period. Diversify Advisory Services LLC purchased a new position in shares of Lithium Americas (Argentina) during the second quarter worth about $40,000. Finally, Raymond James Financial Inc. increased its position in Lithium Americas (Argentina) by 14.1% in the 2nd quarter. Raymond James Financial Inc. now owns 26,030 shares of the company’s stock valued at $54,000 after acquiring an additional 3,214 shares during the period. Hedge funds and other institutional investors own 49.17% of the company’s stock.

Lithium Americas (Argentina) Company Profile

Lithium Americas (Argentina) is a subsidiary of Lithium Americas Corp. focused on the exploration, development and production of lithium brine resources in the Jujuy province of northwest Argentina. The company’s principal asset is the Cauchari-Olaroz project, situated within the Lithium Triangle, one of the world’s richest regions for lithium-bearing brines. Through its Argentine operations, Lithium Americas aims to supply battery-grade lithium carbonate critical to electric vehicle and energy-storage markets.

The Cauchari-Olaroz project encompasses concessions on the Salar de Cauchari and Salar de Olaroz salt flats, where detailed drilling programs and pilot‐scale evaporation ponds have demonstrated favorable lithium concentrations.