Lithium Americas (NYSE:LAC) Stock Price Down 8.2% – Here’s Why

Shares of Lithium Americas Corp. (NYSE:LAC) fell 8.2% during trading on Monday . The company traded as low as $5.93 and last traded at $5.9150. 29,706,227 shares traded hands during mid-day trading, an increase of 46% from the average session volume of 20,354,281 shares. The stock had previously closed at $6.44.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Scotiabank raised their price target on shares of Lithium Americas from $5.00 to $7.00 and gave the stock a “sector perform” rating in a report on Monday, January 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Lithium Americas in a research note on Friday, October 31st. BMO Capital Markets lifted their price target on Lithium Americas from $3.50 to $5.00 and gave the stock a “market perform” rating in a research report on Thursday, October 2nd. Wedbush boosted their price target on Lithium Americas from $5.00 to $8.00 and gave the company a “neutral” rating in a research note on Wednesday, October 1st. Finally, JPMorgan Chase & Co. upgraded Lithium Americas from an “underweight” rating to a “neutral” rating and set a $5.00 price objective for the company in a research note on Thursday, November 6th. Three equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Lithium Americas has an average rating of “Hold” and an average price target of $5.81.

Lithium Americas Stock Performance

The firm’s fifty day simple moving average is $5.22 and its 200 day simple moving average is $4.70. The company has a market capitalization of $1.82 billion, a PE ratio of -5.70 and a beta of 1.57. The company has a debt-to-equity ratio of 0.84, a current ratio of 3.77 and a quick ratio of 3.77.

Lithium Americas (NYSE:LAC) last released its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. On average, research analysts predict that Lithium Americas Corp. will post -0.12 EPS for the current year.

Insider Transactions at Lithium Americas

In other Lithium Americas news, SVP Edward Grandy sold 6,183 shares of the company’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $4.50, for a total value of $27,823.50. Following the sale, the senior vice president owned 135,466 shares in the company, valued at approximately $609,597. This represents a 4.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders sold 10,960 shares of company stock valued at $49,372 over the last three months. Insiders own 1.11% of the company’s stock.

Hedge Funds Weigh In On Lithium Americas

Large investors have recently made changes to their positions in the company. Traynor Capital Management Inc. lifted its position in Lithium Americas by 19.7% in the third quarter. Traynor Capital Management Inc. now owns 12,449 shares of the company’s stock valued at $71,000 after buying an additional 2,046 shares during the last quarter. Lido Advisors LLC boosted its position in shares of Lithium Americas by 15.1% during the 3rd quarter. Lido Advisors LLC now owns 16,643 shares of the company’s stock worth $95,000 after purchasing an additional 2,183 shares during the period. Quadrant Capital Group LLC increased its holdings in Lithium Americas by 16.1% in the 3rd quarter. Quadrant Capital Group LLC now owns 16,753 shares of the company’s stock valued at $96,000 after purchasing an additional 2,321 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in Lithium Americas by 3.6% in the third quarter. Public Employees Retirement System of Ohio now owns 67,650 shares of the company’s stock valued at $394,000 after purchasing an additional 2,356 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in Lithium Americas by 0.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 322,301 shares of the company’s stock worth $1,405,000 after purchasing an additional 2,491 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.