Adage Capital Partners GP L.L.C. Sells 400,000 Shares of Lithium Americas Corp. (NYSE:LAC)

Adage Capital Partners GP L.L.C. cut its stake in shares of Lithium Americas Corp. (NYSE:LAC - Free Report) by 26.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,100,000 shares of the company's stock after selling 400,000 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 0.50% of Lithium Americas worth $3,267,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of LAC. Allworth Financial LP grew its position in Lithium Americas by 99.4% during the fourth quarter. Allworth Financial LP now owns 9,814 shares of the company's stock valued at $31,000 after purchasing an additional 4,893 shares in the last quarter. Perigon Wealth Management LLC raised its stake in shares of Lithium Americas by 46.2% during the 4th quarter. Perigon Wealth Management LLC now owns 15,824 shares of the company's stock worth $47,000 after purchasing an additional 5,000 shares in the last quarter. Balboa Wealth Partners lifted its holdings in shares of Lithium Americas by 15.9% during the 4th quarter. Balboa Wealth Partners now owns 51,118 shares of the company's stock valued at $152,000 after buying an additional 7,000 shares during the last quarter. Sage Investment Counsel LLC bought a new stake in shares of Lithium Americas in the 4th quarter valued at approximately $30,000. Finally, Mariner LLC acquired a new position in Lithium Americas in the fourth quarter worth approximately $31,000.

Lithium Americas Stock Up 0.9 %

Shares of Lithium Americas stock traded up $0.03 during trading on Monday, reaching $2.96. The company's stock had a trading volume of 964,121 shares, compared to its average volume of 4,477,733. Lithium Americas Corp. has a 52 week low of $2.02 and a 52 week high of $5.20. The firm has a market cap of $646.22 million, a PE ratio of -24.63 and a beta of 0.89. The business's 50-day moving average price is $2.79 and its 200-day moving average price is $3.19.

Lithium Americas (NYSE:LAC - Get Free Report) last announced its quarterly earnings data on Friday, March 28th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.09). Equities analysts predict that Lithium Americas Corp. will post -0.12 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have commented on LAC shares. Evercore ISI assumed coverage on shares of Lithium Americas in a research report on Thursday, April 17th. They issued an "outperform" rating and a $4.50 target price for the company. Scotiabank reduced their target price on shares of Lithium Americas from $3.00 to $2.75 and set a "sector perform" rating for the company in a research note on Monday, March 31st. Piper Sandler lowered their price target on Lithium Americas from $3.90 to $3.50 and set a "neutral" rating on the stock in a research note on Tuesday, January 7th. National Bankshares reiterated an "outperform" rating on shares of Lithium Americas in a research report on Wednesday, April 2nd. Finally, Cormark upgraded Lithium Americas to a "moderate buy" rating in a research report on Friday, January 17th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $4.75.

Lithium Americas Company Profile

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.