Lithium Americas (Argentina) (NYSE:LAR) Shares Gap Down – Here’s Why

Lithium Americas (Argentina) Corp. (NYSE:LAR)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $8.09, but opened at $7.54. Lithium Americas (Argentina) shares last traded at $7.84, with a volume of 511,280 shares changing hands.

Analysts Set New Price Targets

LAR has been the subject of several research analyst reports. Weiss Ratings reissued a “sell (d+)” rating on shares of Lithium Americas (Argentina) in a research note on Wednesday, December 24th. TD Securities raised Lithium Americas (Argentina) to a “strong-buy” rating in a report on Monday, February 9th. Scotiabank raised Lithium Americas (Argentina) from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the stock from $4.25 to $7.75 in a report on Monday, January 12th. Stifel Nicolaus upped their price objective on shares of Lithium Americas (Argentina) from $6.00 to $8.50 and gave the stock a “buy” rating in a research report on Wednesday, January 7th. Finally, HSBC upgraded shares of Lithium Americas (Argentina) from a “hold” rating to a “buy” rating and lifted their target price for the company from $4.75 to $9.60 in a research report on Monday, January 19th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Lithium Americas (Argentina) currently has a consensus rating of “Moderate Buy” and an average target price of $7.44.

Lithium Americas (Argentina) Trading Down 2.2%

The stock has a fifty day moving average of $7.14 and a two-hundred day moving average of $5.24. The company has a market capitalization of $1.09 billion and a PE ratio of -13.44.

Institutional Trading of Lithium Americas (Argentina)

A number of institutional investors have recently made changes to their positions in LAR. Royal Bank of Canada bought a new stake in Lithium Americas (Argentina) during the 1st quarter valued at $572,000. Goldman Sachs Group Inc. bought a new position in shares of Lithium Americas (Argentina) during the first quarter valued at about $1,064,000. Woodline Partners LP purchased a new stake in shares of Lithium Americas (Argentina) during the first quarter worth about $3,456,000. Boston Partners grew its stake in shares of Lithium Americas (Argentina) by 15.3% in the second quarter. Boston Partners now owns 136,505 shares of the company’s stock worth $284,000 after purchasing an additional 18,096 shares during the last quarter. Finally, JPMorgan Chase & Co. bought a new stake in shares of Lithium Americas (Argentina) in the second quarter worth about $37,000. Hedge funds and other institutional investors 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.