Lithium Americas (NYSE:LAC) Shares Down 6.2% – Here’s What Happened

Shares of Lithium Americas Corp. (NYSE:LAC) were down 6.2% during trading on Friday . The company traded as low as $3.61 and last traded at $3.63. Approximately 4,548,648 shares were traded during trading, a decline of 16% from the average daily volume of 5,403,176 shares. The stock had previously closed at $3.87.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on LAC. Scotiabank reduced their target price on Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating on the stock in a report on Friday, October 18th. BMO Capital Markets upgraded Lithium Americas to a “hold” rating in a report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft cut their price target on shares of Lithium Americas from $3.00 to $2.50 and set a “hold” rating on the stock in a report on Friday, August 16th. B. Riley boosted their price objective on shares of Lithium Americas from $4.50 to $5.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Piper Sandler initiated coverage on shares of Lithium Americas in a research note on Monday, July 29th. They issued a “neutral” rating and a $3.90 target price on the stock. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Lithium Americas has an average rating of “Hold” and an average target price of $5.63.

Lithium Americas Price Performance

The firm has a market cap of $816.48 million and a price-to-earnings ratio of -30.25. The business’s 50-day moving average price is $3.10 and its two-hundred day moving average price is $3.09.

Lithium Americas (NYSE:LAC) last released its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.02). Equities analysts predict that Lithium Americas Corp. will post -0.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of LAC. Renaissance Technologies LLC bought a new stake in shares of Lithium Americas during the second quarter valued at approximately $520,000. Marshall Wace LLP bought a new position in shares of Lithium Americas in the second quarter valued at approximately $10,252,000. Merewether Investment Management LP acquired a new position in shares of Lithium Americas during the second quarter valued at approximately $858,000. Point72 Asset Management L.P. increased its stake in shares of Lithium Americas by 580.1% during the second quarter. Point72 Asset Management L.P. now owns 1,857,193 shares of the company’s stock valued at $4,977,000 after acquiring an additional 1,584,123 shares during the period. Finally, BNP Paribas Financial Markets bought a new stake in Lithium Americas during the first quarter worth approximately $202,000.

Lithium Americas Company Profile

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.