Lithium Americas (NYSE:LAC) Stock Price Down 4.7% – Here’s What Happened

Lithium Americas Corp. (NYSE:LAC)’s share price was down 4.7% on Monday . The stock traded as low as $4.72 and last traded at $4.7750. Approximately 8,265,955 shares changed hands during mid-day trading, a decline of 31% from the average daily volume of 12,023,810 shares. The stock had previously closed at $5.01.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on LAC shares. TD Securities raised shares of Lithium Americas to a “hold” rating in a report on Monday, February 9th. Jefferies Financial Group reissued a “buy” rating on shares of Lithium Americas in a report on Monday, February 23rd. Scotiabank lowered their price target on shares of Lithium Americas from $7.00 to $5.00 and set a “sector perform” rating on the stock in a report on Monday, April 6th. Wedbush started coverage on shares of Lithium Americas in a report on Monday, April 20th. They issued a “neutral” rating and a $8.00 price target on the stock. Finally, Wall Street Zen raised shares of Lithium Americas from a “strong sell” rating to a “sell” rating in a report on Saturday. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $5.71.

Lithium Americas Price Performance

The company’s 50-day moving average is $4.61 and its 200-day moving average is $4.92. The firm has a market cap of $1.66 billion, a price-to-earnings ratio of -11.65 and a beta of 2.50. The company has a current ratio of 5.16, a quick ratio of 5.16 and a debt-to-equity ratio of 0.50.

Lithium Americas (NYSE:LAC) last announced its quarterly earnings data on Thursday, May 14th. The company reported $0.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.07. Equities research analysts predict that Lithium Americas Corp. will post -0.3 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its stake in Lithium Americas by 11.4% in the first quarter. Royal Bank of Canada now owns 67,268 shares of the company’s stock valued at $265,000 after acquiring an additional 6,903 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Lithium Americas by 11.4% in the first quarter. The Manufacturers Life Insurance Company now owns 343,290 shares of the company’s stock valued at $1,363,000 after acquiring an additional 35,131 shares during the last quarter. Themes Management Co LLC bought a new position in Lithium Americas in the first quarter valued at approximately $81,000. Matrix Private Capital Group LLC bought a new position in Lithium Americas in the first quarter valued at approximately $50,000. Finally, Cetera Investment Advisers increased its stake in Lithium Americas by 183.7% in the first quarter. Cetera Investment Advisers now owns 189,987 shares of the company’s stock valued at $750,000 after acquiring an additional 123,028 shares during the last quarter.

Lithium Americas Company Profile

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.