Lithium Americas (NYSE:LAC) Releases Quarterly Earnings Results

Lithium Americas (NYSE:LAC) issued its quarterly earnings results on Thursday. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.02, Zacks reports.

Lithium Americas Stock Performance

Shares of NYSE:LAC traded up $0.17 on Thursday, reaching $3.42. 9,700,652 shares of the company’s stock were exchanged, compared to its average volume of 11,383,535. The company has a fifty day moving average of $3.60 and a 200-day moving average of $4.38. Lithium Americas has a twelve month low of $2.66 and a twelve month high of $10.52. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of -8.35 and a beta of 2.57. The company has a current ratio of 7.36, a quick ratio of 7.36 and a debt-to-equity ratio of 0.65.

Institutional Investors Weigh In On Lithium Americas

Several institutional investors have recently made changes to their positions in the stock. Mackenzie Financial Corp grew its position in Lithium Americas by 114.5% during the fourth quarter. Mackenzie Financial Corp now owns 244,073 shares of the company’s stock worth $1,074,000 after buying an additional 130,295 shares in the last quarter. Voloridge Investment Management LLC raised its holdings in Lithium Americas by 14.0% in the 4th quarter. Voloridge Investment Management LLC now owns 343,278 shares of the company’s stock valued at $1,497,000 after acquiring an additional 42,070 shares in the last quarter. Toronto Dominion Bank lifted its position in shares of Lithium Americas by 636.8% during the 4th quarter. Toronto Dominion Bank now owns 157,872 shares of the company’s stock valued at $687,000 after acquiring an additional 136,444 shares during the period. Quadrature Capital Ltd bought a new stake in shares of Lithium Americas during the 4th quarter valued at $2,312,000. Finally, Millennium Management LLC grew its holdings in shares of Lithium Americas by 35.8% during the 4th quarter. Millennium Management LLC now owns 4,489,568 shares of the company’s stock worth $19,575,000 after purchasing an additional 1,182,465 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on LAC. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lithium Americas in a research report on Friday, July 24th. The Goldman Sachs Group assumed coverage on shares of Lithium Americas in a research note on Wednesday, July 1st. They issued a “neutral” rating and a $4.50 target price for the company. Wedbush started coverage on shares of Lithium Americas in a research report on Monday, April 20th. They issued a “neutral” rating and a $8.00 price objective on the stock. Wall Street Zen downgraded shares of Lithium Americas from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 1st. Finally, Scotia decreased their target price on Lithium Americas from $5.00 to $4.50 and set a “sector perform” rating on the stock in a research report on Monday, May 25th. Two research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $5.44.

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.