Lithium Americas (NYSE:LAC) Shares Down 3% - Here's What Happened

Shares of Lithium Americas Corp. (NYSE:LAC - Get Free Report) fell 3% during trading on Tuesday . The company traded as low as $2.78 and last traded at $2.76. 626,561 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 5,488,121 shares. The stock had previously closed at $2.84.

Analysts Set New Price Targets

Several research firms have recently issued reports on LAC. National Bankshares lowered Lithium Americas from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 16th. Scotiabank decreased their target price on Lithium Americas from $3.00 to $2.75 and set a "sector perform" rating for the company in a research report on Monday, March 31st. Evercore ISI began coverage on Lithium Americas in a research report on Thursday, April 17th. They set an "outperform" rating and a $4.50 target price for the company. National Bank Financial lowered Lithium Americas from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 16th. Finally, Wedbush restated a "neutral" rating and set a $5.00 target price on shares of Lithium Americas in a research report on Friday, May 16th. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $3.88.

Lithium Americas Price Performance

The stock has a market capitalization of $600.89 million, a P/E ratio of -22.88 and a beta of 0.89. The firm has a 50-day simple moving average of $2.81 and a 200 day simple moving average of $3.08.

Lithium Americas (NYSE:LAC - Get Free Report) last issued its quarterly earnings results on Thursday, May 15th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.01). Sell-side analysts anticipate that Lithium Americas Corp. will post -0.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of LAC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Lithium Americas by 8.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,254,848 shares of the company's stock worth $9,732,000 after acquiring an additional 240,418 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Lithium Americas by 44.9% during the first 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. Teamwork Financial Advisors LLC lifted its holdings in Lithium Americas by 20.1% during the first quarter. Teamwork Financial Advisors LLC now owns 857,754 shares of the company's stock worth $2,325,000 after acquiring an additional 143,373 shares during the period. Quinn Opportunity Partners LLC lifted its holdings in Lithium Americas by 1,132.5% during the fourth quarter. Quinn Opportunity Partners LLC now owns 811,632 shares of the company's stock worth $2,411,000 after acquiring an additional 745,777 shares during the period. Finally, HITE Hedge Asset Management LLC lifted its holdings in Lithium Americas by 0.6% during the first quarter. HITE Hedge Asset Management LLC now owns 735,918 shares of the company's stock worth $1,994,000 after acquiring an additional 4,445 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.