Lithium Americas (NYSE:LAC) Stock Price Down 6.3% - Here's Why

Key Points

• Lithium Americas Corp. shares fell by 6.3% during mid-day trading, reaching a low of $7.49, after closing at $8.04 on the previous day.
• Analyst ratings varied, with one firm setting a target price of $5.00 while another raised their target to $8.00, resulting in a consensus rating of "Hold" with an average price target of $5.33.
• Insider activities included VP Alexi Illya Zawadzki selling over 353,000 shares at an average price of $9.48, significantly reducing his ownership stake in the company.

Lithium Americas Corp. (NYSE:LAC - Get Free Report) shares were down 6.3% during mid-day trading on Friday . The company traded as low as $7.49 and last traded at $7.54. Approximately 77,079,897 shares traded hands during mid-day trading, an increase of 464% from the average daily volume of 13,657,358 shares. The stock had previously closed at $8.04.

Analysts Set New Price Targets

LAC has been the subject of a number of research analyst reports. TD Cowen reissued a "hold" rating and issued a $5.00 target price on shares of Lithium Americas in a research note on Thursday, September 25th. Canaccord Genuity Group downgraded Lithium Americas from a "speculative buy" rating to a "sell" rating in a report on Thursday, October 2nd. Jefferies Financial Group lowered their price objective on Lithium Americas from $8.00 to $7.00 and set a "buy" rating for the company in a research report on Wednesday, September 24th. Cormark downgraded Lithium Americas from a "moderate buy" rating to a "hold" rating in a research note on Thursday, October 2nd. Finally, Wedbush boosted their target price on Lithium Americas from $5.00 to $8.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 1st. Three research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, Lithium Americas has a consensus rating of "Hold" and an average price target of $5.33.

Lithium Americas Price Performance

The firm's 50-day moving average is $3.94 and its 200-day moving average is $3.19. The company has a quick ratio of 9.88, a current ratio of 9.88 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $1.82 billion, a PE ratio of -32.76 and a beta of 1.43.

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

Insider Buying and Selling at Lithium Americas

In related news, VP Alexi Illya Zawadzki sold 353,914 shares of the firm's stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $9.48, for a total transaction of $3,355,104.72. Following the completion of the sale, the vice president owned 40,005 shares of the company's stock, valued at $379,247.40. This trade represents a 89.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.11% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Teamwork Financial Advisors LLC raised its position in shares of Lithium Americas by 18.1% during the 2nd quarter. Teamwork Financial Advisors LLC now owns 1,012,822 shares of the company's stock valued at $2,714,000 after purchasing an additional 155,068 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Lithium Americas by 44.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,046,556 shares of the company's stock valued at $2,836,000 after purchasing an additional 324,518 shares during the period. American Century Companies Inc. bought a new stake in shares of Lithium Americas during the 1st quarter valued at $277,000. Golden State Wealth Management LLC bought a new stake in shares of Lithium Americas during the 1st quarter valued at $37,000. Finally, Nuveen LLC bought a new stake in shares of Lithium Americas during the 1st quarter valued at $504,000.

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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