Lithium Americas (NYSE:LAC) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Lithium Americas (NYSE:LAC) announced its quarterly earnings data on Tuesday. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.02, reports.

Lithium Americas Stock Performance

NYSE LAC traded down $0.28 on Friday, reaching $3.81. The company’s stock had a trading volume of 6,683,177 shares, compared to its average volume of 5,282,220. Lithium Americas has a 52 week low of $2.02 and a 52 week high of $7.86. The business has a 50-day moving average price of $2.90 and a 200 day moving average price of $3.10.

Hedge Funds Weigh In On Lithium Americas

Hedge funds and other institutional investors have recently modified their holdings of the stock. Marshall Wace LLP acquired a new position in Lithium Americas during the second quarter worth $10,252,000. Van ECK Associates Corp increased its holdings in Lithium Americas by 69.8% during the 2nd quarter. Van ECK Associates Corp now owns 3,953,127 shares of the company’s stock valued at $10,591,000 after purchasing an additional 1,625,149 shares in the last quarter. Point72 Asset Management L.P. raised its position in Lithium Americas by 580.1% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,857,193 shares of the company’s stock valued at $4,977,000 after purchasing an additional 1,584,123 shares during the last quarter. Teamwork Financial Advisors LLC grew its holdings in shares of Lithium Americas by 2,274.3% during the third quarter. Teamwork Financial Advisors LLC now owns 398,760 shares of the company’s stock worth $1,077,000 after purchasing an additional 381,965 shares during the last quarter. Finally, Merewether Investment Management LP acquired a new stake in shares of Lithium Americas in the second quarter valued at $858,000.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on LAC shares. Scotiabank reduced their price target on Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating for the company in a report on Friday, October 18th. Piper Sandler started coverage on shares of Lithium Americas in a research note on Monday, July 29th. They issued a “neutral” rating and a $3.90 target price for the company. B. Riley dropped 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 note on Friday, August 16th. National Bank Financial raised shares of Lithium Americas from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 17th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of Lithium Americas from $3.00 to $2.50 and set a “hold” rating on the stock in a research report on Friday, August 16th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $5.50.

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.