Lithium Americas (Argentina) (NYSE:LAR) Lowered to Strong Sell Rating by Zacks Research

Zacks Research cut shares of Lithium Americas (Argentina) (NYSE:LAR) from a hold rating to a strong sell rating in a research report report published on Tuesday morning,Zacks.com reports.

Other equities analysts have also issued research reports about the company. TD Securities boosted their price objective on Lithium Americas (Argentina) from $7.00 to $9.00 and gave the stock a “buy” rating in a research note on Tuesday, March 24th. Scotiabank lifted their price target on Lithium Americas (Argentina) from $8.50 to $11.00 and gave the stock a “sector outperform” rating in a report on Friday, May 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Lithium Americas (Argentina) in a research report on Thursday, July 2nd. Finally, Wall Street Zen raised shares of Lithium Americas (Argentina) from a “sell” rating to a “hold” rating in a report on Saturday, March 28th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $8.13.

Lithium Americas (Argentina) Trading Down 0.5%

NYSE:LAR opened at $7.19 on Tuesday. The company has a market cap of $1.18 billion and a P/E ratio of -18.93. Lithium Americas has a twelve month low of $2.45 and a twelve month high of $12.05. The company’s 50-day moving average price is $9.11 and its 200-day moving average price is $8.04.

Lithium Americas (Argentina) (NYSE:LAR) last released its earnings results on Tuesday, May 12th. The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.07). On average, analysts expect that Lithium Americas will post 0.28 earnings per share for the current year.

Institutional Investors Weigh In On Lithium Americas (Argentina)

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LAR. VectorGlobal IAG Inc. acquired a new position in shares of Lithium Americas (Argentina) in the 1st quarter valued at $100,000. Bank of America Corp DE increased its position in shares of Lithium Americas (Argentina) by 45.4% during the 1st quarter. Bank of America Corp DE now owns 669,931 shares of the company’s stock worth $4,475,000 after purchasing an additional 209,252 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Lithium Americas (Argentina) by 62.4% in the 1st quarter. The Manufacturers Life Insurance Company now owns 61,933 shares of the company’s stock valued at $414,000 after buying an additional 23,787 shares during the period. Weiss Asset Management LP purchased a new stake in Lithium Americas (Argentina) in the 1st quarter valued at about $756,000. Finally, Renaissance Technologies LLC acquired a new position in Lithium Americas (Argentina) in the first quarter valued at about $5,328,000. Hedge funds and other institutional investors own 49.17% of the company’s stock.

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.