Lithium Americas (NYSE:LAC) Stock Price Down 5.2% – Here’s Why

Lithium Americas Corp. (NYSE:LAC)’s stock price dropped 5.2% during mid-day trading on Tuesday . The company traded as low as $2.52 and last traded at $2.49. Approximately 1,257,181 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 5,649,993 shares. The stock had previously closed at $2.62.

Analyst Upgrades and Downgrades

LAC has been the subject of several recent research reports. National Bankshares reissued an “outperform” rating on shares of Lithium Americas in a research report on Wednesday, April 2nd. Wedbush assumed coverage on shares of Lithium Americas in a research report on Thursday, December 19th. They issued a “neutral” rating and a $5.00 price objective for the company. Scotiabank dropped their target price on shares of Lithium Americas from $3.00 to $2.75 and set a “sector perform” rating on the stock in a report on Monday, March 31st. Piper Sandler lowered their price target on Lithium Americas from $3.90 to $3.50 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. Finally, Cormark raised Lithium Americas to a “moderate buy” rating in a research report on Friday, January 17th. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Lithium Americas has an average rating of “Hold” and a consensus price target of $4.84.

Lithium Americas Stock Performance

The stock has a market capitalization of $521.92 million, a price-to-earnings ratio of -19.71 and a beta of 1.01. The business has a fifty day simple moving average of $2.90 and a 200 day simple moving average of $3.19.

Lithium Americas (NYSE:LAC) last issued its quarterly earnings results on Friday, March 28th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.09). On average, sell-side analysts forecast that Lithium Americas Corp. will post -0.12 earnings per share for the current fiscal year.

Institutional Trading of Lithium Americas

Large investors have recently modified their holdings of the stock. HighTower Advisors LLC lifted its position in Lithium Americas by 13.4% during the third quarter. HighTower Advisors LLC now owns 50,473 shares of the company’s stock worth $138,000 after purchasing an additional 5,952 shares during the period. National Bank of Canada FI lifted its holdings in shares of Lithium Americas by 13.2% during the 3rd quarter. National Bank of Canada FI now owns 37,129 shares of the company’s stock worth $100,000 after acquiring an additional 4,340 shares during the period. XTX Topco Ltd acquired a new stake in shares of Lithium Americas during the 3rd quarter worth approximately $133,000. Public Employees Retirement System of Ohio bought a new position in Lithium Americas in the third quarter valued at approximately $161,000. Finally, Barclays PLC raised its position in Lithium Americas by 50.7% during the third quarter. Barclays PLC now owns 115,208 shares of the company’s stock valued at $311,000 after purchasing an additional 38,781 shares in the last quarter.

About Lithium Americas

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.