Lithium Americas (Argentina) (NYSE:LAR) Shares Gap Down After Earnings Miss

Lithium Americas (Argentina) Corp. (NYSE:LAR)’s share price gapped down before the market opened on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $7.10, but opened at $6.65. Lithium Americas (Argentina) shares last traded at $6.5240, with a volume of 470,025 shares traded.

The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.04). During the same period in the previous year, the business posted ($0.03) earnings per share.

Wall Street Analyst Weigh In

LAR has been the subject of a number of research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Lithium Americas (Argentina) in a report on Thursday, July 2nd. Zacks Research lowered Lithium Americas (Argentina) from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 14th. Finally, Scotiabank dropped their price objective on shares of Lithium Americas (Argentina) from $11.00 to $10.00 and set a “sector outperform” rating for the company in a report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.99.

Institutional Investors Weigh In On Lithium Americas (Argentina)

Large investors have recently bought and sold shares of the company. Cetera Investment Advisers grew its holdings in shares of Lithium Americas (Argentina) by 7.0% in the 1st quarter. Cetera Investment Advisers now owns 17,755 shares of the company’s stock valued at $119,000 after buying an additional 1,162 shares during the period. Brown Advisory Inc. raised its stake in Lithium Americas (Argentina) by 3.0% during the 2nd quarter. Brown Advisory Inc. now owns 103,636 shares of the company’s stock worth $216,000 after buying an additional 3,000 shares during the period. Raymond James Financial Inc. raised its stake in Lithium Americas (Argentina) by 14.1% during the 2nd quarter. Raymond James Financial Inc. now owns 26,030 shares of the company’s stock worth $54,000 after buying an additional 3,214 shares during the period. BNP Paribas Financial Markets lifted its holdings in Lithium Americas (Argentina) by 45.3% during the third quarter. BNP Paribas Financial Markets now owns 11,388 shares of the company’s stock worth $38,000 after acquiring an additional 3,552 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in Lithium Americas (Argentina) by 7.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 54,020 shares of the company’s stock worth $112,000 after acquiring an additional 3,575 shares in the last quarter. Institutional investors own 49.17% of the company’s stock.

Lithium Americas (Argentina) Price Performance

The stock has a market capitalization of $1.06 billion and a price-to-earnings ratio of -17.20. The business has a 50 day simple moving average of $7.66 and a 200-day simple moving average of $7.96.

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.