Lithium Americas (Argentina) Corp. $LAR Shares Sold by Royal Bank of Canada

Royal Bank of Canada reduced its holdings in shares of Lithium Americas (Argentina) Corp. (NYSE:LAR) by 91.2% in the 1st quarter, HoldingsChannel.com reports. The fund owned 10,336 shares of the company’s stock after selling 107,508 shares during the period. Royal Bank of Canada’s holdings in Lithium Americas (Argentina) were worth $69,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Seldon Capital LP acquired a new stake in shares of Lithium Americas (Argentina) in the third quarter valued at approximately $6,076,000. Millennium Management LLC increased its stake 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 worth $12,281,000 after purchasing an additional 1,793,994 shares in the last quarter. Woodline Partners LP acquired a new position in shares of Lithium Americas (Argentina) during the 1st quarter worth approximately $3,456,000. Balyasny Asset Management L.P. purchased a new stake in Lithium Americas (Argentina) in the 4th quarter valued at approximately $5,423,000. Finally, ABN Amro Investment Solutions purchased a new stake in Lithium Americas (Argentina) in the 1st quarter valued at approximately $6,335,000. Institutional investors and hedge funds own 49.17% of the company’s stock.

Lithium Americas (Argentina) Trading Down 2.5%

Shares of NYSE LAR opened at $6.62 on Wednesday. The company has a 50-day simple moving average of $6.83 and a 200-day simple moving average of $7.87. Lithium Americas has a 12 month low of $2.97 and a 12 month high of $12.05.

Lithium Americas (Argentina) (NYSE:LAR) last announced its quarterly earnings data on Tuesday, August 11th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.04). During the same quarter last year, the firm earned ($0.03) EPS. As a group, analysts expect that Lithium Americas will post 0.17 EPS for the current year.

Analysts Set New Price Targets

LAR has been the topic of a number of analyst reports. Scotiabank lowered their target price on Lithium Americas (Argentina) from $10.00 to $9.50 and set a “sector outperform” rating on the stock in a report on Wednesday, August 12th. Stifel Nicolaus boosted their price target on Lithium Americas (Argentina) from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, August 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Lithium Americas (Argentina) in a research report on Thursday, July 2nd. Finally, Zacks Research raised Lithium Americas (Argentina) from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 13th. One analyst has 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. According to data from MarketBeat, Lithium Americas (Argentina) has an average rating of “Moderate Buy” and a consensus target price of $9.32.

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.