Lithium Americas (Argentina) (NYSE:LAAC) Stock Price Down 3.3% – Here’s Why

Lithium Americas (Argentina) Corp. (NYSE:LAAC) was down 3.3% during trading on Monday . The company traded as low as $3.52 and last traded at $3.55. Approximately 207,202 shares were traded during trading, a decline of 86% from the average daily volume of 1,495,848 shares. The stock had previously closed at $3.67.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on LAAC shares. Hsbc Global Res upgraded shares of Lithium Americas (Argentina) to a “strong-buy” rating in a report on Wednesday, August 14th. Scotiabank reduced their price objective on shares of Lithium Americas (Argentina) from $8.00 to $4.25 and set a “sector outperform” rating for the company in a research note on Thursday, August 15th. Finally, HSBC raised Lithium Americas (Argentina) from a “hold” rating to a “buy” rating in a research report on Wednesday, August 14th. Four research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $7.05.

Lithium Americas (Argentina) Price Performance

The company’s fifty day moving average price is $2.77 and its 200-day moving average price is $3.70. The stock has a market cap of $557.86 million, a price-to-earnings ratio of 0.43 and a beta of 1.33.

Lithium Americas (Argentina) (NYSE:LAAC) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02).

Institutional Trading of Lithium Americas (Argentina)

Several large investors have recently added to or reduced their stakes in the company. Mather Group LLC. purchased a new position in shares of Lithium Americas (Argentina) in the first quarter worth about $27,000. Fairscale Capital LLC purchased a new position in Lithium Americas (Argentina) during the 2nd quarter worth approximately $31,000. Fifth Third Bancorp raised its position in Lithium Americas (Argentina) by 67.9% during the 2nd quarter. Fifth Third Bancorp now owns 9,895 shares of the company’s stock worth $32,000 after buying an additional 4,000 shares during the last quarter. Teamwork Financial Advisors LLC acquired a new stake in Lithium Americas (Argentina) during the 1st quarter valued at approximately $54,000. Finally, Ping Capital Management Inc. purchased a new stake in shares of Lithium Americas (Argentina) in the 2nd quarter valued at $35,000. Hedge funds and other institutional investors own 49.17% of the company’s stock.

About Lithium Americas (Argentina)

Lithium Americas (Argentina) Corp. operates as a resource company. The company explores for lithium deposits. The company owns interests in the Cauchari-Olaroz project located in Jujuy province of Argentina. It also has a pipeline of development and exploration stage projects, including the Pastos Grandes project and the Sal de la Puna project located in Salta Province in northwestern Argentina.