Lithium Americas (NYSE:LAC) Shares Down 7.5% – Should You Sell?
by Amy Steele · The Cerbat GemLithium Americas Corp. (NYSE:LAC – Get Free Report) shares dropped 7.5% during mid-day trading on Thursday . The stock traded as low as $5.04 and last traded at $5.0690. Approximately 3,635,959 shares were traded during trading, a decline of 70% from the average daily volume of 11,937,558 shares. The stock had previously closed at $5.48.
Analyst Ratings Changes
LAC has been the topic of several recent research reports. Wall Street Zen lowered shares of Lithium Americas from a “sell” rating to a “strong sell” rating in a report on Saturday, May 2nd. Scotiabank reduced 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. TD Securities raised Lithium Americas to a “hold” rating in a report on Monday, February 9th. Wedbush initiated coverage on Lithium Americas in a research report on Monday, April 20th. They issued a “neutral” rating and a $8.00 price target for the company. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of Lithium Americas in a research note on Monday, February 23rd. Two research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $5.71.
Read Our Latest Stock Report on LAC
Lithium Americas Price Performance
The company has a market cap of $1.79 billion, a price-to-earnings ratio of -11.21 and a beta of 2.50. The company has a fifty day moving average price of $4.60 and a two-hundred day moving average price of $4.94. 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 – Get Free Report) last announced its quarterly earnings data on Thursday, March 19th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.33). As a group, equities research analysts anticipate that Lithium Americas Corp. will post -0.3 EPS for the current fiscal year.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of the company. Van ECK Associates Corp grew its holdings in shares of Lithium Americas by 158.1% in the 3rd quarter. Van ECK Associates Corp now owns 14,479,615 shares of the company’s stock valued at $82,679,000 after acquiring an additional 8,868,971 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Lithium Americas by 1,188.3% in the 3rd quarter. Millennium Management LLC now owns 3,307,103 shares of the company’s stock valued at $18,885,000 after acquiring an additional 3,050,405 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Lithium Americas by 212.7% in the 4th quarter. Legal & General Group Plc now owns 3,062,306 shares of the company’s stock valued at $13,349,000 after acquiring an additional 2,082,891 shares in the last quarter. Trexquant Investment LP bought a new position in shares of Lithium Americas in the 4th quarter valued at about $6,055,000. Finally, Old West Investment Management LLC acquired a new stake in Lithium Americas in the 3rd quarter valued at about $7,647,000.
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.