Lithium Americas (Argentina) (NYSE:LAR) Stock Price Up 10.9% - Here's Why

Key Points

• Lithium Americas (Argentina) shares rose 10.9% to $6.63, although trading volume was 92% below the stock’s average daily volume.
• Analyst sentiment remains generally positive: the consensus rating is “Moderate Buy” with an average price target of $8.57, despite Scotiabank lowering its target to $9.50 and Zacks upgrading the stock to “Hold.”
• The company reported quarterly earnings of $0.01 per share, missing expectations of $0.05, while institutional investors and hedge funds collectively own 49.17% of its shares.

Lithium Americas (Argentina) Corp. (NYSE:LAR - Get Free Report) rose 10.9% during trading on Friday . The company traded as high as $6.63 and last traded at $6.63. Approximately 230,494 shares were traded during trading, a decline of 92% from the average daily volume of 2,819,484 shares. The stock had previously closed at $5.98.

Analyst Ratings Changes

Several equities research analysts recently commented on LAR shares. Zacks Research raised Lithium Americas (Argentina) from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 13th. Scotiabank cut their price target on Lithium Americas (Argentina) from $10.00 to $9.50 and set a "sector outperform" rating for the company in a report on Wednesday, August 12th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Lithium Americas (Argentina) in a report on Thursday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $8.57.

Lithium Americas (Argentina) Price Performance

The business's 50 day simple moving average is $7.23 and its 200 day simple moving average is $7.87. The stock has a market cap of $1.11 billion and a P/E ratio of -19.88.

Lithium Americas (Argentina) (NYSE:LAR - Get Free Report) last released its quarterly earnings data 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 quarter in the prior year, the company posted ($0.03) earnings per share. Research analysts predict that Lithium Americas will post 0.2 earnings per share for the current year.

Institutional Investors Weigh In On Lithium Americas (Argentina)

A number of hedge funds have recently made changes to their positions in LAR. Seldon Capital LP acquired a new stake in shares of Lithium Americas (Argentina) during the third quarter worth approximately $6,076,000. Millennium Management LLC increased its holdings in Lithium Americas (Argentina) by 441.1% during the 4th quarter. Millennium Management LLC now owns 2,200,722 shares of the company's stock valued at $12,281,000 after purchasing an additional 1,793,994 shares in the last quarter. Woodline Partners LP bought a new position in Lithium Americas (Argentina) in the 1st quarter valued at $3,456,000. Balyasny Asset Management L.P. acquired a new position in Lithium Americas (Argentina) in the fourth quarter worth $5,423,000. Finally, ABN Amro Investment Solutions bought a new stake in shares of Lithium Americas (Argentina) during the first quarter worth $6,335,000. Institutional investors and hedge funds own 49.17% of the company's stock.

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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