Scotiabank Cuts Lithium Americas (Argentina) (NYSE:LAR) Price Target to $9.50

Lithium Americas (Argentina) (NYSE:LAR) had its price objective lowered by Scotiabank from $10.00 to $9.50 in a research report released on Wednesday,Benzinga reports. The brokerage currently has a sector outperform rating on the stock.

LAR has been the subject of a number of other reports. Zacks Research lowered Lithium Americas (Argentina) from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Lithium Americas (Argentina) in a research note on Thursday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $8.57.

Lithium Americas (Argentina) Price Performance

NYSE:LAR opened at $6.84 on Wednesday. Lithium Americas has a 12 month low of $2.97 and a 12 month high of $12.05. The company’s 50 day moving average is $7.41 and its 200-day moving average is $7.91.

Lithium Americas (Argentina) (NYSE:LAR) last posted its earnings results on Tuesday, August 11th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.04). During the same quarter last year, the business posted ($0.03) EPS. Sell-side analysts forecast that Lithium Americas will post 0.2 EPS for the current year.

Institutional Trading of Lithium Americas (Argentina)

A number of hedge funds and other institutional investors have recently modified their holdings of LAR. TD Waterhouse Canada Inc. increased its stake in shares of Lithium Americas (Argentina) by 538.8% in the 4th quarter. TD Waterhouse Canada Inc. now owns 6,995 shares of the company’s stock valued at $39,000 after buying an additional 5,900 shares during the period. BNP Paribas Financial Markets increased its position in Lithium Americas (Argentina) by 45.3% in the third quarter. BNP Paribas Financial Markets now owns 11,388 shares of the company’s stock worth $38,000 after purchasing an additional 3,552 shares during the period. Fifth Third Bancorp lifted its holdings in Lithium Americas (Argentina) by 250.0% in the fourth quarter. Fifth Third Bancorp now owns 14,000 shares of the company’s stock valued at $78,000 after buying an additional 10,000 shares during the period. Modera Wealth Management LLC acquired a new stake in Lithium Americas (Argentina) during the 1st quarter worth $97,000. Finally, VectorGlobal IAG Inc. bought a new position in shares of Lithium Americas (Argentina) in the 1st quarter worth $100,000. Institutional investors and hedge funds own 49.17% of the company’s stock.

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.