Lithium Americas (NYSE:LAC) Shares Gap Down to $6.63

Shares of Lithium Americas Corp. (NYSE:LAC) gapped down before the market opened on Thursday . The stock had previously closed at $6.63, but opened at $4.84. Lithium Americas shares last traded at $4.80, with a volume of 11,375,919 shares.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Evercore ISI reduced their target price on Lithium Americas from $13.00 to $9.00 and set an “outperform” rating for the company in a research note on Friday, March 15th. JPMorgan Chase & Co. increased their price objective on shares of Lithium Americas from $5.50 to $7.00 and gave the company a “neutral” rating in a research note on Monday, March 18th. Finally, Scotiabank lowered shares of Lithium Americas from a “sector outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $15.00 to $7.00 in a report on Monday, March 18th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.94.

Lithium Americas Trading Down 27.0 %

The stock’s fifty day simple moving average is $5.75 and its two-hundred day simple moving average is $6.47.

Lithium Americas (NYSE:LAC) last released its quarterly earnings data on Friday, March 15th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). Sell-side analysts anticipate that Lithium Americas Corp. will post -0.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Lithium Americas

Several hedge funds and other institutional investors have recently modified their holdings of the company. Banque Cantonale Vaudoise acquired a new stake in shares of Lithium Americas in the first quarter valued at approximately $25,000. Mather Group LLC. acquired a new position in shares of Lithium Americas during the 1st quarter valued at $26,000. PNC Financial Services Group Inc. raised its stake in shares of Lithium Americas by 725.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 825 shares of the company’s stock worth $32,000 after buying an additional 725 shares in the last quarter. Allworth Financial LP acquired a new stake in Lithium Americas during the fourth quarter valued at approximately $37,000. Finally, CWM LLC grew its position in Lithium Americas by 140.6% in the third quarter. CWM LLC now owns 2,327 shares of the company’s stock worth $40,000 after buying an additional 1,360 shares during the last quarter.

About Lithium Americas

Lithium Americas Corp. engages in the exploration and development of lithium properties in the United States and Canada. It holds a 100% interest in the Thacker Pass project located in northern Nevada, as well as investments in exploration properties in the United States and Canada. Lithium Americas Corp.