Lithium Americas (NYSE:LAC) Shares Gap Down on Analyst Downgrade

Lithium Americas Corp. (NYSE:LAC) shares gapped down prior to trading on Monday after BMO Capital Markets lowered their price target on the stock from $4.50 to $4.00. The stock had previously closed at $3.38, but opened at $3.21. BMO Capital Markets currently has a market perform rating on the stock. Lithium Americas shares last traded at $3.2450, with a volume of 2,414,411 shares trading hands.

LAC has been the subject of a number of other reports. The Goldman Sachs Group assumed coverage on Lithium Americas in a report on Wednesday, July 1st. They set a “neutral” rating and a $4.50 price objective for the company. Scotia lowered their price target on Lithium Americas from $5.00 to $4.50 and set a “sector perform” rating for the company in a research report on Monday, May 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Lithium Americas in a research note on Friday, July 24th. Wedbush began coverage on Lithium Americas in a report on Monday, April 20th. They issued a “neutral” rating and a $8.00 price objective on the stock. Finally, Wall Street Zen lowered Lithium Americas from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 1st. Two investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $5.33.

Hedge Funds Weigh In On Lithium Americas

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Main Street Group LTD acquired a new stake in Lithium Americas in the 1st quarter valued at $26,000. Steward Partners Investment Advisory LLC raised its position in Lithium Americas by 149.2% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 5,930 shares of the company’s stock valued at $26,000 after purchasing an additional 3,550 shares during the period. IFP Advisors Inc lifted its stake in shares of Lithium Americas by 1,253.3% during the fourth quarter. IFP Advisors Inc now owns 6,496 shares of the company’s stock worth $28,000 after purchasing an additional 6,016 shares in the last quarter. Quarry LP acquired a new position in shares of Lithium Americas during the third quarter worth about $28,000. Finally, Walleye Capital LLC purchased a new stake in shares of Lithium Americas in the second quarter worth about $28,000.

Lithium Americas Price Performance

The company has a debt-to-equity ratio of 0.81, a current ratio of 5.47 and a quick ratio of 5.47. The company has a market cap of $1.14 billion, a PE ratio of -8.80 and a beta of 2.58. The company has a 50-day moving average price of $3.55 and a two-hundred day moving average price of $4.34.

Lithium Americas (NYSE:LAC) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.02. Sell-side analysts expect that Lithium Americas Corp. will post -0.14 earnings per share for the current fiscal year.

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.