Lithium Americas (NYSE:LAC) Trading Down 3% - What's Next?

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

Wall Street Analysts Forecast Growth

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

Lithium Americas Trading Down 2.5%

The business has a fifty day simple moving average of $2.80 and a 200 day simple moving average of $3.07. The stock has a market capitalization of $586.67 million, a P/E ratio of -22.33 and a beta of 0.89.

Lithium Americas (NYSE:LAC - Get Free Report) last announced its earnings results on Thursday, May 15th. The company reported ($0.05) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.01). As a group, research analysts forecast that Lithium Americas Corp. will post -0.12 earnings per share for the current year.

Hedge Funds Weigh In On Lithium Americas

A number of hedge funds and other institutional investors have recently modified their holdings of LAC. Cacti Asset Management LLC purchased a new position in shares of Lithium Americas in the 1st quarter worth approximately $27,000. Members Wealth LLC purchased a new position in shares of Lithium Americas in the 1st quarter worth approximately $27,000. Ping Capital Management Inc. purchased a new position in shares of Lithium Americas in the 1st quarter worth approximately $27,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in Lithium Americas in the first quarter valued at approximately $27,000. Finally, Sage Investment Counsel LLC purchased a new position in Lithium Americas in the fourth quarter valued at approximately $30,000.

Lithium Americas Company Profile

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.