Lithium Americas (NYSE:LAC) Stock Price Down 4.6% After Analyst Downgrade

Lithium Americas Corp. (NYSE:LAC) shares dropped 4.6% on Friday after Scotiabank lowered their price target on the stock from $3.00 to $2.50. Scotiabank currently has a sector perform rating on the stock. Lithium Americas traded as low as $3.05 and last traded at $3.09. Approximately 6,591,656 shares were traded during mid-day trading, an increase of 45% from the average daily volume of 4,538,495 shares. The stock had previously closed at $3.24.

Several other brokerages also recently issued reports on LAC. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Lithium Americas from $3.00 to $2.50 and set a “hold” rating on the stock in a research note on Friday, August 16th. Piper Sandler started coverage on shares of Lithium Americas in a report on Monday, July 29th. They issued a “neutral” rating and a $3.90 price objective on the stock. B. Riley decreased their price target on shares of Lithium Americas from $4.50 to $4.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Finally, National Bank Financial upgraded Lithium Americas from a “sector perform” rating to an “outperform” rating in a report on Thursday. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $5.50.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Banque Cantonale Vaudoise acquired a new position in Lithium Americas during the first quarter worth approximately $25,000. Mather Group LLC. acquired a new stake in Lithium Americas during the 1st quarter valued at $26,000. Quent Capital LLC bought a new position in Lithium Americas during the first quarter worth $48,000. Headlands Technologies LLC increased its holdings in shares of Lithium Americas by 2,332.3% in the first quarter. Headlands Technologies LLC now owns 7,686 shares of the company’s stock valued at $52,000 after purchasing an additional 7,370 shares during the last quarter. Finally, Fairscale Capital LLC bought a new position in shares of Lithium Americas in the second quarter valued at about $27,000.

Lithium Americas Stock Performance

The business’s 50 day moving average price is $2.55 and its 200-day moving average price is $3.37.

Lithium Americas (NYSE:LAC) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.02). Research analysts forecast that Lithium Americas Corp. will post -0.09 earnings per share for the current year.

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.