Lithium Americas (Argentina) (NYSE:LAR) Stock Price Down 6% Following Analyst Downgrade

Shares of Lithium Americas (Argentina) Corp. (NYSE:LAR) were down 6% during trading on Wednesday after Zacks Research downgraded the stock from a strong-buy rating to a hold rating. The company traded as low as $8.07 and last traded at $8.0180. Approximately 425,479 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 3,238,257 shares. The stock had previously closed at $8.53.

LAR has been the topic of a number of other research reports. TD Securities boosted their price objective on shares of Lithium Americas (Argentina) from $7.00 to $9.00 and gave the stock a “buy” rating in a report on Tuesday, March 24th. Scotiabank upped their target price on shares of Lithium Americas (Argentina) from $8.50 to $11.00 and gave the company a “sector outperform” rating in a research note on Friday, May 15th. Wall Street Zen raised shares of Lithium Americas (Argentina) from a “sell” rating to a “hold” rating in a research report on Saturday, March 28th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Lithium Americas (Argentina) in a research report on Monday, March 23rd. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Lithium Americas (Argentina) currently has an average rating of “Moderate Buy” and an average price target of $8.13.

Institutional Investors Weigh In On Lithium Americas (Argentina)

Several institutional investors and hedge funds have recently bought and sold shares of LAR. Van ECK Associates Corp raised its stake in Lithium Americas (Argentina) by 119.3% during the third quarter. Van ECK Associates Corp now owns 9,594,157 shares of the company’s stock worth $32,045,000 after acquiring an additional 5,219,416 shares during the period. CenterBook Partners LP raised its stake in Lithium Americas (Argentina) by 102.1% during the third quarter. CenterBook Partners LP now owns 4,200,238 shares of the company’s stock worth $14,029,000 after acquiring an additional 2,122,035 shares during the period. Seldon Capital LP acquired a new stake in Lithium Americas (Argentina) during the third quarter worth about $6,076,000. Millennium Management LLC raised its stake in Lithium Americas (Argentina) by 441.1% during the fourth quarter. Millennium Management LLC now owns 2,200,722 shares of the company’s stock worth $12,281,000 after acquiring an additional 1,793,994 shares during the period. Finally, Woodline Partners LP acquired a new stake in Lithium Americas (Argentina) during the first quarter worth about $3,456,000. Institutional investors and hedge funds own 49.17% of the company’s stock.

Lithium Americas (Argentina) Stock Performance

The firm’s 50 day moving average is $9.32 and its two-hundred day moving average is $7.55.

Lithium Americas (Argentina) (NYSE:LAR) last announced its quarterly earnings results on Tuesday, May 12th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.07). Analysts expect that Lithium Americas will post 0.29 EPS for the current year.

About Lithium Americas (Argentina)

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.