Lithium Americas (Argentina) (NYSE:LAR) Shares Down 5.9% – Here’s What Happened

Shares of Lithium Americas (Argentina) Corp. (NYSE:LAR) dropped 5.9% on Wednesday . The company traded as low as $5.08 and last traded at $5.09. Approximately 1,170,905 shares changed hands during mid-day trading, a decline of 36% from the average daily volume of 1,832,915 shares. The stock had previously closed at $5.41.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Weiss Ratings reissued a “sell (d)” rating on shares of Lithium Americas (Argentina) in a research note on Wednesday, October 8th. Cormark raised shares of Lithium Americas (Argentina) to a “moderate buy” rating in a research note on Wednesday, August 20th. Scotiabank increased their price target on shares of Lithium Americas (Argentina) from $3.50 to $4.25 and gave the stock a “sector perform” rating in a research note on Wednesday, November 12th. Finally, Zacks Research upgraded shares of Lithium Americas (Argentina) from a “strong sell” rating to a “hold” rating in a report on Monday, September 15th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Lithium Americas (Argentina) presently has an average rating of “Hold” and an average price target of $4.25.

Lithium Americas (Argentina) Stock Performance

The business’s 50-day moving average is $4.67 and its 200-day moving average is $3.41. The company has a market capitalization of $860.19 million and a PE ratio of -10.60.

Lithium Americas (Argentina) (NYSE:LAR) last announced its earnings results on Monday, November 10th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). Analysts expect that Lithium Americas will post -0.05 EPS for the current year.

Institutional Investors Weigh In On Lithium Americas (Argentina)

A number of institutional investors have recently modified their holdings of LAR. Stratos Wealth Advisors LLC bought a new position in shares of Lithium Americas (Argentina) during the second quarter valued at $28,000. Sandhill Capital Partners LLC purchased a new stake in Lithium Americas (Argentina) during the 1st quarter valued at about $29,000. Insigneo Advisory Services LLC bought a new stake in Lithium Americas (Argentina) during the 3rd quarter valued at about $34,000. JPMorgan Chase & Co. bought a new stake in Lithium Americas (Argentina) during the 2nd quarter valued at about $37,000. Finally, Sage Investment Counsel LLC purchased a new position in Lithium Americas (Argentina) in the third quarter worth about $38,000. 49.17% of the stock is owned by hedge funds and other institutional investors.

About Lithium Americas (Argentina)

Lithium Argentina AG, a resource and materials company, focuses on advancing lithium projects in Argentina. The company owns interests in the Cauchari-Olaroz project located in Jujuy province; and the Pastos Grandes project located in Salta Province of Argentina. The company was formerly known as Lithium Americas (Argentina) Corp.