Scotiabank Cuts Lithium Americas (Argentina) (NYSE:LAR) Price Target to $9.50

Lithium Americas (Argentina) (NYSE:LAR) had its target price dropped by stock analysts at Scotiabank from $10.00 to $9.50 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s price objective indicates a potential upside of 39.81% from the company’s previous close.

Several other equities analysts also recently weighed in on LAR. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lithium Americas (Argentina) in a research note on Thursday, July 2nd. Zacks Research lowered Lithium Americas (Argentina) from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Lithium Americas (Argentina) has a consensus rating of “Moderate Buy” and a consensus target price of $8.57.

Lithium Americas (Argentina) Price Performance

Lithium Americas (Argentina) stock traded up $0.14 during mid-day trading on Wednesday, reaching $6.79. The company had a trading volume of 1,174,785 shares, compared to its average volume of 2,857,254. Lithium Americas has a 1 year low of $2.97 and a 1 year high of $12.05. The company has a market capitalization of $1.11 billion and a P/E ratio of -17.88. The stock’s 50-day simple moving average is $7.58 and its 200-day simple moving average is $7.94.

Lithium Americas (Argentina) (NYSE:LAR) last posted its quarterly earnings results on Tuesday, August 11th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.04). During the same quarter in the prior year, the business posted ($0.03) EPS. On average, equities analysts forecast that Lithium Americas will post 0.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of LAR. Weiss Asset Management LP acquired a new stake in shares of Lithium Americas (Argentina) during the first quarter valued at $756,000. Walleye Capital LLC acquired a new position in Lithium Americas (Argentina) in the 1st quarter valued at about $695,000. Renaissance Technologies LLC purchased a new position in Lithium Americas (Argentina) in the 1st quarter valued at about $5,328,000. Counterpoint Mutual Funds LLC purchased a new position in Lithium Americas (Argentina) in the 1st quarter valued at about $543,000. Finally, ABN Amro Investment Solutions acquired a new stake in shares of Lithium Americas (Argentina) during the 1st quarter worth about $6,335,000. 49.17% of the stock is owned by hedge funds and other institutional investors.

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.