Lithium Americas (NYSE:LAC) Stock Price Down 4.2% – Should You Sell?

Lithium Americas Corp. (NYSE:LAC) shares dropped 4.2% during mid-day trading on Wednesday . The stock traded as low as $3.13 and last traded at $3.19. Approximately 3,403,245 shares were traded during trading, a decline of 27% from the average daily volume of 4,669,578 shares. The stock had previously closed at $3.33.

Wall Street Analyst Weigh In

Several research firms have weighed in on LAC. BMO Capital Markets upgraded shares of Lithium Americas to a “hold” rating in a research note on Wednesday. Piper Sandler began coverage on shares of Lithium Americas in a report on Monday, July 29th. They issued a “neutral” rating and a $3.90 target price on the stock. B. Riley dropped their price target on Lithium Americas from $4.50 to $4.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. National Bank Financial upgraded Lithium Americas from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 17th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of Lithium Americas from $3.00 to $2.50 and set a “hold” rating for the company in a report on Friday, August 16th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $5.50.

Lithium Americas Stock Up 7.9 %

The stock has a 50 day moving average price of $2.61 and a 200 day moving average price of $3.27.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of LAC. Van ECK Associates Corp increased its position in shares of Lithium Americas by 69.8% in the second quarter. Van ECK Associates Corp now owns 3,953,127 shares of the company’s stock worth $10,591,000 after acquiring an additional 1,625,149 shares in the last quarter. Marshall Wace LLP acquired a new stake in Lithium Americas during the 2nd quarter valued at $10,252,000. Point72 Asset Management L.P. lifted its holdings in shares of Lithium Americas by 580.1% in the second 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 in 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 valued at $1,077,000 after buying an additional 381,965 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in Lithium Americas by 41.2% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 373,380 shares of the company’s stock worth $1,008,000 after acquiring an additional 108,993 shares in the last quarter.

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.