Lithium Americas (Argentina) (NYSE:LAR) Shares Down 7.5% – Time to Sell?

Lithium Americas (Argentina) Corp. (NYSE:LAR)’s share price was down 7.5% during trading on Thursday . The company traded as low as $10.00 and last traded at $9.9960. Approximately 754,303 shares traded hands during trading, a decline of 78% from the average daily volume of 3,426,046 shares. The stock had previously closed at $10.81.

Analysts Set New Price Targets

A number of equities analysts have commented on LAR shares. Zacks Research upgraded Lithium Americas (Argentina) from a “hold” rating to a “strong-buy” rating in a research note on Monday, May 11th. Wall Street Zen upgraded Lithium Americas (Argentina) from a “sell” rating to a “hold” rating in a research note on Saturday, March 28th. HSBC raised Lithium Americas (Argentina) from a “hold” rating to a “buy” rating and raised their target price for the company from $4.75 to $9.60 in a report on Monday, January 19th. Scotiabank raised their target price on Lithium Americas (Argentina) from $8.50 to $11.00 and gave the company a “sector outperform” rating in a report on Friday. Finally, TD Securities raised their target price on Lithium Americas (Argentina) from $7.00 to $9.00 and gave the company a “buy” rating in a report on Tuesday, March 24th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $8.13.

Lithium Americas (Argentina) Stock Down 2.4%

The stock has a fifty day simple moving average of $8.23 and a two-hundred day simple moving average of $6.84.

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

Institutional Investors Weigh In On Lithium Americas (Argentina)

Several hedge funds have recently modified their holdings of the company. Van ECK Associates Corp boosted its holdings in shares of Lithium Americas (Argentina) by 6.8% during the 4th quarter. Van ECK Associates Corp now owns 10,251,244 shares of the company’s stock valued at $57,202,000 after acquiring an additional 657,087 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Lithium Americas (Argentina) by 9.3% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,786,166 shares of the company’s stock valued at $9,975,000 after acquiring an additional 408,065 shares in the last quarter. CenterBook Partners LP boosted its holdings in shares of Lithium Americas (Argentina) by 102.1% during the 3rd quarter. CenterBook Partners LP now owns 4,200,238 shares of the company’s stock valued at $14,029,000 after acquiring an additional 2,122,035 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Lithium Americas (Argentina) by 6.1% during the 3rd quarter. Invesco Ltd. now owns 2,332,308 shares of the company’s stock valued at $7,790,000 after acquiring an additional 133,572 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of Lithium Americas (Argentina) by 441.1% during the 4th quarter. Millennium Management LLC now owns 2,200,722 shares of the company’s stock valued at $12,281,000 after acquiring an additional 1,793,994 shares in the last quarter. Institutional investors and hedge funds 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.