Lithium Americas (NYSE:LAC) Price Target Cut to $5.00 by Analysts at Scotiabank

Lithium Americas (NYSE:LAC) had its price target decreased by investment analysts at Scotiabank from $7.00 to $5.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Scotiabank’s price objective would suggest a potential upside of 23.92% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on the company. TD Securities upgraded Lithium Americas to a “hold” rating in a report on Monday, February 9th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Lithium Americas in a research note on Monday, February 23rd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Lithium Americas in a research report on Wednesday, January 28th. Three analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $5.56.

Lithium Americas Price Performance

NYSE:LAC traded down $0.01 during trading hours on Monday, reaching $4.04. 1,685,827 shares of the company were exchanged, compared to its average volume of 12,273,720. The company has a current ratio of 5.16, a quick ratio of 5.16 and a debt-to-equity ratio of 0.50. The stock’s 50-day moving average is $4.62 and its 200-day moving average is $5.28. The firm has a market cap of $1.40 billion, a PE ratio of -8.79 and a beta of 1.81. Lithium Americas has a twelve month low of $2.31 and a twelve month high of $10.52.

Lithium Americas (NYSE:LAC) last announced its earnings results on Thursday, March 19th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.33). On average, sell-side analysts anticipate that Lithium Americas will post -0.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lithium Americas

Several institutional investors and hedge funds have recently bought and sold shares of LAC. Van ECK Associates Corp grew its stake 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 buying an additional 8,868,971 shares during the period. Millennium Management LLC lifted 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 acquiring an additional 3,050,405 shares during the last quarter. Legal & General Group Plc grew its position in Lithium Americas by 212.7% in the fourth quarter. Legal & General Group Plc now owns 3,062,306 shares of the company’s stock worth $13,349,000 after acquiring an additional 2,082,891 shares during the period. Trexquant Investment LP purchased a new position in Lithium Americas in the fourth quarter worth approximately $6,055,000. Finally, Old West Investment Management LLC acquired a new stake in Lithium Americas during the third quarter worth $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.