Lithium Americas (Argentina) (NYSE:LAR) Shares Down 4.1% - Here's Why

Key Points

• Lithium Americas (Argentina) shares fell 4.1% to $3.26, down from a previous close of $3.40, with trading volume significantly lower than average.
• Several analysts have upgraded their ratings on LAR, with BMO Capital Markets and National Bank Financial setting target prices of $4.00 and $4.50, respectively, indicating optimism for future growth.
• Institutional investors now hold 49.17% of Lithium Americas' stock, following new purchases by various hedge funds during recent quarters.

Shares of Lithium Americas (Argentina) Corp. (NYSE:LAR - Get Free Report) were down 4.1% during trading on Tuesday . The company traded as low as $3.11 and last traded at $3.26. Approximately 537,556 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 1,181,591 shares. The stock had previously closed at $3.40.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on LAR shares. BMO Capital Markets upped their target price on Lithium Americas (Argentina) from $2.50 to $4.00 and gave the company a "market perform" rating in a research note on Tuesday, August 12th. National Bank Financial upgraded Lithium Americas (Argentina) from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 11th. Scotiabank restated a "sector perform" rating and issued a $3.50 target price (up from $3.00) on shares of Lithium Americas (Argentina) in a research note on Wednesday, August 13th. National Bankshares raised Lithium Americas (Argentina) from a "sector perform" rating to an "outperform" rating and increased their target price for the stock from $2.90 to $4.50 in a report on Tuesday, August 12th. Finally, Zacks Research raised Lithium Americas (Argentina) from a "strong sell" rating to a "hold" rating in a report on Monday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $4.00.

Lithium Americas (Argentina) Stock Down 6.5%

The firm has a market cap of $516.11 million and a P/E ratio of -28.91. The stock's 50-day simple moving average is $3.10 and its 200 day simple moving average is $2.43.

Hedge Funds Weigh In On Lithium Americas (Argentina)

Several hedge funds have recently modified their holdings of LAR. Stratos Wealth Advisors LLC purchased a new position in Lithium Americas (Argentina) in the 2nd quarter valued at approximately $28,000. Sandhill Capital Partners LLC purchased a new position in Lithium Americas (Argentina) in the 1st quarter valued at approximately $29,000. JPMorgan Chase & Co. purchased a new position in Lithium Americas (Argentina) in the 2nd quarter valued at approximately $37,000. HighTower Advisors LLC purchased a new position in Lithium Americas (Argentina) in the 1st quarter valued at approximately $40,000. Finally, Diversify Advisory Services LLC purchased a new position in Lithium Americas (Argentina) in the 2nd quarter valued at approximately $40,000. Institutional investors own 49.17% of the company's stock.

About Lithium Americas (Argentina)

Lithium Argentina AG, a resource and materials company, focuses on advancing lithium projects in Argentina. The company owns interests in the Cauchari-Olaroz project located in Jujuy province; and the Pastos Grandes project located in Salta Province of Argentina. The company was formerly known as Lithium Americas (Argentina) Corp.

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