Lithium Americas (NYSE:LAC) Stock Price Down 2.7% – Here’s Why

Lithium Americas Corp. (NYSE:LAC)’s share price dropped 2.7% during mid-day trading on Wednesday . The company traded as low as $5.12 and last traded at $5.2550. Approximately 9,769,466 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 16,220,648 shares. The stock had previously closed at $5.40.

Analysts Set New Price Targets

LAC has been the subject of several analyst reports. Wedbush boosted their price target on shares of Lithium Americas from $5.00 to $8.00 and gave the stock a “neutral” rating in a report on Wednesday, October 1st. Canaccord Genuity Group raised shares of Lithium Americas from a “sell” rating to a “hold” rating in a research report on Wednesday, November 19th. TD Cowen reissued a “hold” rating and issued a $5.00 target price on shares of Lithium Americas in a report on Thursday, September 25th. Jefferies Financial Group cut their price target on Lithium Americas from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, September 24th. Finally, JPMorgan Chase & Co. raised Lithium Americas from an “underweight” rating to a “neutral” rating and set a $5.00 price target for the company in a report on Thursday, November 6th. Three research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $5.33.

Lithium Americas Price Performance

The stock’s 50-day moving average is $6.16 and its 200 day moving average is $4.00. The company has a debt-to-equity ratio of 0.84, a quick ratio of 3.77 and a current ratio of 3.77. The stock has a market capitalization of $1.59 billion, a PE ratio of -5.00 and a beta of 1.40.

Lithium Americas (NYSE:LAC) last released its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.03. As a group, equities analysts expect that Lithium Americas Corp. will post -0.12 earnings per share for the current year.

Insider Transactions at Lithium Americas

In related news, VP Alexi Illya Zawadzki sold 353,914 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $9.48, for a total transaction of $3,355,104.72. Following the transaction, the vice president owned 40,005 shares in the company, valued at $379,247.40. This trade represents a 89.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Edward Grandy sold 6,183 shares of Lithium Americas stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $4.50, for a total value of $27,823.50. Following the transaction, the senior vice president directly owned 135,466 shares in the company, valued at approximately $609,597. This trade represents a 4.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 364,874 shares of company stock valued at $3,404,477. Insiders own 1.11% of the company’s stock.

Institutional Trading of Lithium Americas

Institutional investors and hedge funds have recently bought and sold shares of the business. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new stake in Lithium Americas during the 1st quarter worth $27,000. Harbour Investments Inc. increased its stake in Lithium Americas by 86.1% in the second quarter. Harbour Investments Inc. now owns 9,900 shares of the company’s stock valued at $27,000 after purchasing an additional 4,580 shares during the period. Quarry LP purchased a new stake in shares of Lithium Americas in the third quarter valued at about $28,000. Walleye Capital LLC acquired a new stake in shares of Lithium Americas during the second quarter worth about $28,000. Finally, IHT Wealth Management LLC acquired a new stake in shares of Lithium Americas during the second quarter worth about $28,000.

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.