Lithium Americas Corp. $LAC Shares Sold by Bank of America Corp DE

Key Points

• Bank of America cut its Lithium Americas stake by 46.7% in the first quarter, selling 984,206 shares and retaining 1.12 million shares worth approximately $4.43 million, or 0.32% of the company.
• Analyst sentiment remains cautious: Lithium Americas carries an average “Hold” rating, with nine Hold, two Buy, and one Sell recommendations. The average price target is $5.33, though several firms recently lowered their targets.
• LAC shares opened at $3.08, well below their 52-week high of $10.52. The company reported a quarterly loss of $0.02 per share, beating estimates for a $0.04 loss, while analysts expect a full-year loss of $0.11 per share.

Bank of America Corp DE reduced its position in shares of Lithium Americas Corp. (NYSE:LAC - Free Report) by 46.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,121,298 shares of the company's stock after selling 984,206 shares during the period. Bank of America Corp DE owned 0.32% of Lithium Americas worth $4,429,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in LAC. Quarry LP purchased a new position in Lithium Americas in the 3rd quarter valued at $28,000. Steward Partners Investment Advisory LLC grew its holdings in shares of Lithium Americas by 149.2% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 5,930 shares of the company's stock worth $26,000 after buying an additional 3,550 shares in the last quarter. Main Street Group LTD acquired a new stake in shares of Lithium Americas in the first quarter valued at about $26,000. IFP Advisors Inc raised its position in shares of Lithium Americas by 1,253.3% in the fourth quarter. IFP Advisors Inc now owns 6,496 shares of the company's stock valued at $28,000 after buying an additional 6,016 shares during the last quarter. Finally, Kestra Advisory Services LLC purchased a new position in shares of Lithium Americas in the fourth quarter worth about $42,000.

Analysts Set New Price Targets

LAC has been the topic of a number of research reports. Wall Street Zen raised shares of Lithium Americas from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 15th. The Goldman Sachs Group began coverage on Lithium Americas in a report on Wednesday, July 1st. They issued a "neutral" rating and a $4.50 price target for the company. BMO Capital Markets reduced their price objective on Lithium Americas from $4.50 to $4.00 and set a "market perform" rating on the stock in a research report on Friday, August 14th. Weiss Ratings reissued a "sell (d-)" rating on shares of Lithium Americas in a research note on Friday, July 24th. Finally, Scotia dropped their target price on Lithium Americas from $5.00 to $4.50 and set a "sector perform" rating for the company in a report on Monday, May 25th. Two equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $5.33.

Lithium Americas Price Performance

Shares of NYSE LAC opened at $3.08 on Friday. The stock's 50-day moving average is $3.28 and its two-hundred day moving average is $4.20. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.47 and a quick ratio of 5.47. Lithium Americas Corp. has a 1-year low of $2.67 and a 1-year high of $10.52. The company has a market cap of $1.12 billion, a price-to-earnings ratio of -8.32 and a beta of 2.57.

Lithium Americas (NYSE:LAC - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.02. Analysts forecast that Lithium Americas Corp. will post -0.11 EPS for the current fiscal year.

Lithium Americas Company Profile

Lithium Americas Corp. is a Vancouver‐based resource company focused on the development of lithium projects to support the global transition to electric vehicles and renewable energy storage. The company specializes in advancing lithium brine and claystone assets through feasibility studies, environmental permitting and engineering design. Its technical teams work to produce high‐purity lithium chemicals, including lithium carbonate and lithium hydroxide, for battery manufacturers worldwide.

Lithium Americas' two flagship projects are the Cauchari‐Olaroz lithium brine operation in Jujuy Province, Argentina—developed in partnership with Ganfeng Lithium—and the Thacker Pass lithium clay deposit in northern Nevada, United States.

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