Lithium Americas (NYSE:LAC) Stock Price Down 4% – Should You Sell?

Lithium Americas Corp. (NYSE:LAC)’s share price dropped 4% on Tuesday . The company traded as low as $3.83 and last traded at $3.88. Approximately 2,196,237 shares changed hands during trading, a decline of 59% from the average daily volume of 5,405,404 shares. The stock had previously closed at $4.04.

Analysts Set New Price Targets

A number of analysts have commented on LAC shares. National Bank Financial raised shares of Lithium Americas from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 17th. B. Riley upped their target price on shares of Lithium Americas from $4.50 to $5.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. BMO Capital Markets raised shares of Lithium Americas to a “hold” rating in a report on Wednesday, October 23rd. Piper Sandler started coverage on shares of Lithium Americas in a report on Monday, July 29th. They set a “neutral” rating and a $3.90 target price for the company. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of Lithium Americas from $3.00 to $2.50 and set a “hold” rating for the company in a report on Friday, August 16th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $5.63.

Lithium Americas Stock Down 4.2 %

The stock’s 50 day moving average price is $3.31 and its 200-day moving average price is $3.04. The stock has a market capitalization of $854.03 million and a PE ratio of -32.33.

Hedge Funds Weigh In On Lithium Americas

Several institutional investors have recently bought and sold shares of the stock. Van ECK Associates Corp grew its stake in Lithium Americas by 69.8% during the second quarter. Van ECK Associates Corp now owns 3,953,127 shares of the company’s stock valued at $10,591,000 after acquiring an additional 1,625,149 shares in the last quarter. Marshall Wace LLP bought a new position in Lithium Americas during the second quarter valued at $10,252,000. Point72 Asset Management L.P. lifted its position in Lithium Americas by 580.1% during the second quarter. Point72 Asset Management L.P. now owns 1,857,193 shares of the company’s stock valued at $4,977,000 after purchasing an additional 1,584,123 shares during the last quarter. Teamwork Financial Advisors LLC lifted its position in Lithium Americas by 2,274.3% during the third quarter. Teamwork Financial Advisors LLC now owns 398,760 shares of the company’s stock valued at $1,077,000 after purchasing an additional 381,965 shares during the last quarter. Finally, Tidal Investments LLC lifted its position in Lithium Americas by 31.8% during the third quarter. Tidal Investments LLC now owns 379,078 shares of the company’s stock valued at $1,024,000 after purchasing an additional 91,353 shares during the last quarter.

About Lithium Americas

Lithium Americas Corp. engages in the exploration and development of lithium properties in the United States and Canada. It holds a 100% interest in the Thacker Pass project located in northern Nevada, as well as investments in exploration properties in the United States and Canada. Lithium Americas Corp.