Lithium Americas (NYSE:LAC) Shares Down 21.7% - What's Next?

Key Points

• Lithium Americas Corp. shares plummeted by 21.7% on Thursday, reaching a low of $7.32 from a previous close of $9.44, with trading volume spiking to 96.1 million shares, significantly above its average.
• Analysts have adjusted their price targets for the stock, with TD Cowen and JPMorgan maintaining a $5.00 target, while Wedbush raised theirs to $8.00 and Jefferies lowered to $7.00.
• In a notable insider transaction, VP Alexi Illya Zawadzki sold 353,914 shares at an average price of $9.48, reducing their stake by nearly 90%.

Lithium Americas Corp. (NYSE:LAC - Get Free Report) shares were down 21.7% on Thursday . The stock traded as low as $7.32 and last traded at $7.39. Approximately 96,126,736 shares traded hands during mid-day trading, an increase of 522% from the average daily volume of 15,462,770 shares. The stock had previously closed at $9.44.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. TD Cowen reaffirmed a "hold" rating and set a $5.00 price objective on shares of Lithium Americas in a research report on Thursday, September 25th. JPMorgan Chase & Co. reaffirmed an "underweight" rating and set a $5.00 price objective on shares of Lithium Americas in a research report on Thursday. Wedbush boosted their price objective on shares of Lithium Americas from $5.00 to $8.00 and gave the company a "neutral" rating in a research report on Wednesday, October 1st. BMO Capital Markets boosted their price objective on shares of Lithium Americas from $3.50 to $5.00 and gave the company a "market perform" rating in a research report on Thursday, October 2nd. Finally, Jefferies Financial Group lowered their price objective on shares of Lithium Americas from $8.00 to $7.00 and set a "buy" rating for the company in a research report on Wednesday, September 24th. Three analysts have rated the stock with a Buy rating, nine have given a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Reduce" and a consensus price target of $5.30.

Lithium Americas Trading Down 21.7%

The company has a current ratio of 9.88, a quick ratio of 9.88 and a debt-to-equity ratio of 0.33. The stock has a market cap of $1.79 billion, a P/E ratio of -32.13 and a beta of 1.43. The firm's 50-day simple moving average is $4.45 and its 200 day simple moving average is $3.36.

Lithium Americas (NYSE:LAC - Get Free Report) last posted its earnings results on Thursday, August 14th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.02). As a group, equities research analysts anticipate that Lithium Americas Corp. will post -0.12 earnings per share for the current year.

Insider Buying and Selling

In other Lithium Americas news, VP Alexi Illya Zawadzki sold 353,914 shares of the company's stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $9.48, for a total value of $3,355,104.72. Following the completion of the transaction, the vice president owned 40,005 shares in the company, valued at approximately $379,247.40. This represents a 89.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.11% of the company's stock.

Institutional Trading of Lithium Americas

A number of institutional investors have recently made changes to their positions in LAC. Bank of Montreal Can lifted its stake in shares of Lithium Americas by 3,173.0% in the 2nd quarter. Bank of Montreal Can now owns 846,998 shares of the company's stock worth $2,266,000 after acquiring an additional 821,120 shares during the period. Invesco Ltd. lifted its stake in shares of Lithium Americas by 38.0% in the 2nd quarter. Invesco Ltd. now owns 1,666,561 shares of the company's stock worth $4,466,000 after acquiring an additional 459,252 shares during the period. Balyasny Asset Management L.P. acquired a new stake in shares of Lithium Americas in the 2nd quarter worth approximately $1,057,000. Goldman Sachs Group Inc. lifted its stake in shares of Lithium Americas by 44.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,046,556 shares of the company's stock worth $2,836,000 after acquiring an additional 324,518 shares during the period. Finally, Teamwork Financial Advisors LLC lifted its stake in shares of Lithium Americas by 26.6% in the 3rd quarter. Teamwork Financial Advisors LLC now owns 1,281,740 shares of the company's stock worth $7,319,000 after acquiring an additional 268,918 shares during the period.

About Lithium Americas

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.

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