Lithium Americas (NYSE:LAC) Trading Down 2.6% Following Analyst Downgrade

Key Points

• Lithium Americas' shares fell 2.6% following a downgrade from Canaccord Genuity Group from a speculative buy to a sell rating.
• Analysts' ratings for the stock are mixed, with three recommending a buy, nine a hold, and one a sell, while the current price target consensus is $5.08.
• Institutional investors have been active, with new positions being acquired and existing positions increased, indicating continued interest despite the stock’s recent performance.

Shares of Lithium Americas Corp. (NYSE:LAC - Get Free Report) dropped 2.6% during trading on Thursday after Canaccord Genuity Group downgraded the stock from a speculative buy rating to a sell rating. The company traded as low as $6.63 and last traded at $6.86. Approximately 75,386,625 shares changed hands during mid-day trading, an increase of 577% from the average daily volume of 11,136,464 shares. The stock had previously closed at $7.04.

A number of other brokerages have also recently commented on LAC. TD Cowen reaffirmed a "hold" rating and issued a $5.00 price target on shares of Lithium Americas in a research note on Thursday, September 25th. Wedbush boosted their price objective on Lithium Americas from $5.00 to $8.00 and gave the company a "neutral" rating in a research report on Wednesday. TD Securities lowered Lithium Americas from a "buy" rating to a "hold" rating and set a $5.00 price objective for the company. in a research report on Thursday, September 25th. Cormark upgraded Lithium Americas to a "moderate buy" rating in a research report on Wednesday, August 20th. Finally, Jefferies Financial Group decreased 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. Three equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $5.08.

Institutional Investors Weigh In On Lithium Americas

Institutional investors and hedge funds have recently made changes to their positions in the stock. Ping Capital Management Inc. acquired a new position in shares of Lithium Americas during the 1st quarter worth approximately $27,000. Members Wealth LLC acquired a new position in shares of Lithium Americas during the 1st quarter worth approximately $27,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in shares of Lithium Americas during the 1st quarter worth approximately $27,000. Harbour Investments Inc. increased its holdings in shares of Lithium Americas by 86.1% during the 2nd quarter. Harbour Investments Inc. now owns 9,900 shares of the company's stock worth $27,000 after acquiring an additional 4,580 shares during the last quarter. Finally, Walleye Capital LLC acquired a new position in shares of Lithium Americas during the 2nd quarter worth approximately $28,000.

Lithium Americas Price Performance

The company has a debt-to-equity ratio of 0.33, a quick ratio of 9.88 and a current ratio of 9.88. The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of -29.80 and a beta of 1.38. The business has a fifty day moving average of $3.31 and a two-hundred day moving average of $2.98.

Lithium Americas (NYSE:LAC - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The company reported ($0.06) EPS for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.02). As a group, research analysts predict that Lithium Americas Corp. will post -0.12 EPS for the current fiscal year.

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.

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