Lithium Americas (NYSE:LAC) Posts Earnings Results, Beats Estimates By $0.07 EPS

Lithium Americas (NYSE:LAC) released its quarterly earnings results on Thursday. The company reported $0.00 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.07, reports.

Lithium Americas Stock Down 2.3%

Shares of NYSE LAC traded down $0.12 on Friday, hitting $5.02. The company had a trading volume of 11,316,721 shares, compared to its average volume of 13,325,903. Lithium Americas has a 12-month low of $2.47 and a 12-month high of $10.52. The business has a 50 day moving average of $4.61 and a two-hundred day moving average of $4.93. The company has a quick ratio of 5.16, a current ratio of 5.16 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $1.74 billion, a P/E ratio of -12.25 and a beta of 2.50.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of LAC. Millennium Management LLC boosted its holdings in Lithium Americas by 1,188.3% in the third quarter. Millennium Management LLC now owns 3,307,103 shares of the company’s stock valued at $18,885,000 after purchasing an additional 3,050,405 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Lithium Americas by 20.8% in the 4th quarter. Van ECK Associates Corp now owns 17,495,908 shares of the company’s stock worth $76,282,000 after buying an additional 3,016,293 shares in the last quarter. Trexquant Investment LP bought a new stake in shares of Lithium Americas during the 4th quarter worth $6,055,000. Balyasny Asset Management L.P. bought a new stake in shares of Lithium Americas during the 4th quarter worth $4,958,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Lithium Americas in the fourth quarter worth $3,833,000.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on LAC shares. TD Securities raised Lithium Americas to a “hold” rating in a report on Monday, February 9th. Wedbush started coverage on Lithium Americas in a report on Monday, April 20th. They issued a “neutral” rating and a $8.00 price target for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Lithium Americas in a report on Monday, April 27th. Wall Street Zen raised Lithium Americas from a “strong sell” rating to a “sell” rating in a report on Saturday. Finally, Scotiabank cut their price target on Lithium Americas from $7.00 to $5.00 and set a “sector perform” rating for the company in a report on Monday, April 6th. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Lithium Americas presently has a consensus rating of “Hold” and an average target price of $5.71.

About Lithium Americas

Lithium Americas Corp. is a Vancouver?based resource company focused on the development of lithium projects to support the global transition to electric vehicles and renewable energy storage. The company specializes in advancing lithium brine and claystone assets through feasibility studies, environmental permitting and engineering design. Its technical teams work to produce high?purity lithium chemicals, including lithium carbonate and lithium hydroxide, for battery manufacturers worldwide.

Lithium Americas’ two flagship projects are the Cauchari?Olaroz lithium brine operation in Jujuy Province, Argentina—developed in partnership with Ganfeng Lithium—and the Thacker Pass lithium clay deposit in northern Nevada, United States.