Lithium Americas (NYSE:LAC) Downgraded by Canaccord Genuity Group to Sell

Canaccord Genuity Group downgraded shares of Lithium Americas (NYSE:LAC) from a speculative buy rating to a sell rating in a research note issued to investors on Thursday, MarketBeat.com reports.

A number of other analysts have also recently commented on LAC. Cowen cut Lithium Americas from a “buy” rating to a “hold” rating in a research report on Wednesday, September 24th. BMO Capital Markets boosted their price target on Lithium Americas from $3.50 to $5.00 and gave the company a “market perform” rating in a research note on Thursday. Wedbush increased their price objective on shares of Lithium Americas from $5.00 to $8.00 and gave the stock a “neutral” rating in a research note on Wednesday. TD Securities downgraded shares of Lithium Americas from a “buy” rating to a “hold” rating and set a $5.00 price objective on the stock. in a report on Thursday, September 25th. Finally, Cormark raised shares of Lithium Americas to a “moderate buy” rating in a report on Wednesday, August 20th. Three equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Lithium Americas presently has an average rating of “Hold” and a consensus target price of $5.08.

Lithium Americas Stock Up 31.3%

LAC opened at $9.01 on Thursday. The stock has a market capitalization of $2.18 billion, a price-to-earnings ratio of -39.15 and a beta of 1.43. The firm has a 50 day moving average price of $3.50 and a 200-day moving average price of $3.05. Lithium Americas has a twelve month low of $2.31 and a twelve month high of $9.33. The company has a quick ratio of 9.88, a current ratio of 9.88 and a debt-to-equity ratio of 0.33.

Lithium Americas (NYSE:LAC) last posted its earnings results on Thursday, August 14th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). Equities research analysts forecast that Lithium Americas 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 stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $9.48, for a total value of $3,355,104.72. Following the completion of the sale, the vice president directly owned 40,005 shares of the company’s stock, valued at approximately $379,247.40. This represents a 89.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.11% of the company’s stock.

Institutional Trading of Lithium Americas

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Osaic Holdings Inc. raised its position in shares of Lithium Americas by 71.2% during the 2nd quarter. Osaic Holdings Inc. now owns 86,748 shares of the company’s stock valued at $232,000 after purchasing an additional 36,086 shares during the period. Tower Research Capital LLC TRC raised its holdings in Lithium Americas by 72.4% during the second quarter. Tower Research Capital LLC TRC now owns 35,998 shares of the company’s stock valued at $96,000 after acquiring an additional 15,123 shares during the period. IHT Wealth Management LLC bought a new stake in Lithium Americas during the second quarter valued at about $28,000. Engineers Gate Manager LP lifted its position in shares of Lithium Americas by 165.3% in the second quarter. Engineers Gate Manager LP now owns 120,366 shares of the company’s stock valued at $322,000 after acquiring an additional 75,000 shares in the last quarter. Finally, Balyasny Asset Management L.P. bought a new position in shares of Lithium Americas in the second quarter worth about $1,057,000.

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.