Lithium Americas (Argentina) (NYSE:LAR) Given New $9.50 Price Target at Scotiabank

Key Points

• Scotiabank lowered Lithium Americas (Argentina)’s price target to $9.50 from $10.00 while maintaining a “sector outperform” rating, implying approximately 39.8% upside from the $6.79 share price.
• Analyst sentiment remains mixed: MarketBeat reports a consensus “Moderate Buy” rating and an $8.57 target, while Weiss Ratings and Zacks Research issued bearish ratings.
• The company reported quarterly EPS of $0.01, below the $0.05 consensus estimate, and institutional investors own approximately 49.17% of its shares.

Lithium Americas (Argentina) (NYSE:LAR - Get Free Report) had its price target decreased by stock analysts at Scotiabank from $10.00 to $9.50 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "sector outperform" rating on the stock. Scotiabank's target price points to a potential upside of 39.81% from the company's current price.

Several other research analysts also recently weighed in on LAR. Weiss Ratings reiterated a "sell (d-)" rating on shares of Lithium Americas (Argentina) in a research note on Thursday, July 2nd. Zacks Research cut Lithium Americas (Argentina) from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Lithium Americas (Argentina) presently has a consensus rating of "Moderate Buy" and a consensus price target of $8.57.

Lithium Americas (Argentina) Stock Performance

NYSE LAR traded up $0.14 during trading on Wednesday, reaching $6.79. The company's stock had a trading volume of 1,174,785 shares, compared to its average volume of 2,857,254. The business's fifty day moving average price is $7.58 and its 200-day moving average price is $7.94. Lithium Americas has a twelve month low of $2.97 and a twelve month high of $12.05. The firm has a market cap of $1.11 billion and a price-to-earnings ratio of -17.88.

Lithium Americas (Argentina) (NYSE:LAR - Get Free Report) last announced its earnings results on Tuesday, August 11th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.04). During the same period last year, the business posted ($0.03) EPS. As a group, sell-side analysts forecast that Lithium Americas will post 0.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Lithium Americas (Argentina)

Large investors have recently modified their holdings of the business. VectorGlobal IAG Inc. acquired a new stake in shares of Lithium Americas (Argentina) in the 1st quarter valued at approximately $100,000. Bank of America Corp DE raised its position in Lithium Americas (Argentina) by 45.4% in the first quarter. Bank of America Corp DE now owns 669,931 shares of the company's stock worth $4,475,000 after acquiring an additional 209,252 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Lithium Americas (Argentina) by 62.4% in the first quarter. The Manufacturers Life Insurance Company now owns 61,933 shares of the company's stock valued at $414,000 after acquiring an additional 23,787 shares during the period. Weiss Asset Management LP acquired a new stake in Lithium Americas (Argentina) in the first quarter valued at $756,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of Lithium Americas (Argentina) during the 1st quarter worth $5,328,000. 49.17% of the stock is owned by hedge funds and other institutional investors.

Lithium Americas (Argentina) Company Profile

Lithium Americas (Argentina) is a subsidiary of Lithium Americas Corp. focused on the exploration, development and production of lithium brine resources in the Jujuy province of northwest Argentina. The company’s principal asset is the Cauchari-Olaroz project, situated within the Lithium Triangle, one of the world’s richest regions for lithium-bearing brines. Through its Argentine operations, Lithium Americas aims to supply battery-grade lithium carbonate critical to electric vehicle and energy-storage markets.

The Cauchari-Olaroz project encompasses concessions on the Salar de Cauchari and Salar de Olaroz salt flats, where detailed drilling programs and pilot‐scale evaporation ponds have demonstrated favorable lithium concentrations.

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