Lithium Americas (NYSE:LAC) Shares Down 5.3% – Here’s What Happened

Lithium Americas Corp. (NYSE:LAC) fell 5.3% on Wednesday . The company traded as low as $3.36 and last traded at $3.39. Approximately 4,207,942 shares traded hands during trading, a decline of 22% from the average daily volume of 5,405,980 shares. The stock had previously closed at $3.58.

Analysts Set New Price Targets

A number of research firms have recently issued reports on LAC. Scotiabank cut their price objective on Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating for the company in a research report on Friday, October 18th. B. Riley raised their price target on Lithium Americas from $4.50 to $5.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Lithium Americas from $3.00 to $2.50 and set a “hold” rating on the stock in a report on Friday, August 16th. BMO Capital Markets upgraded shares of Lithium Americas to a “hold” rating in a research note on Wednesday, October 23rd. Finally, National Bank Financial raised shares of Lithium Americas from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 17th. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Lithium Americas presently has a consensus rating of “Hold” and a consensus price target of $5.63.

Lithium Americas Price Performance

The company has a market capitalization of $743.71 million and a price-to-earnings ratio of -29.83. The business’s 50-day moving average price is $3.57 and its two-hundred day moving average price is $3.00.

Institutional Investors Weigh In On Lithium Americas

A number of large investors have recently bought and sold shares of LAC. Fairscale Capital LLC bought a new position in shares of Lithium Americas in the 2nd quarter valued at $27,000. AE Wealth Management LLC bought a new position in Lithium Americas in the second quarter valued at about $27,000. Evergreen Capital Management LLC acquired a new position in Lithium Americas during the second quarter worth about $27,000. Quent Capital LLC lifted its holdings in shares of Lithium Americas by 100.0% in the third quarter. Quent Capital LLC now owns 10,000 shares of the company’s stock worth $27,000 after acquiring an additional 5,000 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in shares of Lithium Americas in the 2nd quarter valued at approximately $30,000.

Lithium Americas Company Profile

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.