Lithium Americas (NYSE:LAC) Announces Earnings Results, Beats Expectations By $0.02 EPS

Lithium Americas (NYSE:LAC) posted its quarterly earnings results on Thursday. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.02, Zacks reports.

Lithium Americas Stock Down 0.1%

NYSE:LAC traded down $0.01 during trading hours on Friday, hitting $3.42. The stock had a trading volume of 6,494,231 shares, compared to its average volume of 11,368,551. The company has a market cap of $1.20 billion, a PE ratio of -8.35 and a beta of 2.57. The business has a 50 day simple moving average of $3.57 and a two-hundred day simple moving average of $4.35. Lithium Americas has a 1-year low of $2.66 and a 1-year high of $10.52. The company has a current ratio of 7.36, a quick ratio of 7.36 and a debt-to-equity ratio of 0.65.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on LAC shares. Wall Street Zen downgraded shares of Lithium Americas from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 1st. Scotia reduced their target price on shares of Lithium Americas from $5.00 to $4.50 and set a “sector perform” rating on the stock in a report on Monday, May 25th. Wedbush began coverage on shares of Lithium Americas in a research report on Monday, April 20th. They set a “neutral” rating and a $8.00 price target for the company. The Goldman Sachs Group initiated coverage on shares of Lithium Americas in a research report on Wednesday, July 1st. They set a “neutral” rating and a $4.50 price target for the company. Finally, BMO Capital Markets cut their price objective on Lithium Americas from $4.50 to $4.00 and set a “market perform” rating on the stock in a research report on Friday. Two equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $5.33.

Hedge Funds Weigh In On Lithium Americas

Institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC grew its stake in shares of Lithium Americas by 1,188.3% during the third quarter. Millennium Management LLC now owns 3,307,103 shares of the company’s stock valued at $18,885,000 after acquiring an additional 3,050,405 shares in the last quarter. Van ECK Associates Corp lifted its stake in shares of Lithium Americas by 20.8% in the fourth quarter. Van ECK Associates Corp now owns 17,495,908 shares of the company’s stock worth $76,282,000 after acquiring an additional 3,016,293 shares in the last quarter. Trexquant Investment LP purchased a new position in Lithium Americas in the fourth quarter valued at about $6,055,000. Balyasny Asset Management L.P. purchased a new position in Lithium Americas in the fourth quarter valued at about $4,958,000. Finally, Renaissance Technologies LLC acquired a new stake in Lithium Americas during the 4th quarter valued at approximately $3,833,000.

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.