Lithium Americas (NYSE:LAC) Trading Down 4.9% - Here's Why

Lithium Americas Corp. (NYSE:LAC - Get Free Report)'s share price was down 4.9% on Wednesday . The stock traded as low as $3.18 and last traded at $3.20. Approximately 5,181,348 shares traded hands during trading, a decline of 11% from the average daily volume of 5,812,945 shares. The stock had previously closed at $3.36.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on LAC shares. Scotiabank lowered their price objective on shares of Lithium Americas from $3.00 to $2.75 and set a "sector perform" rating on the stock in a research note 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. National Bank Financial downgraded shares of Lithium Americas from a "strong-buy" rating to a "hold" rating in a report on Friday, May 16th. National Bankshares downgraded shares of Lithium Americas from an "outperform" rating to a "sector perform" rating in a report on Friday, May 16th. Finally, Evercore ISI assumed coverage on shares of Lithium Americas in a report on Thursday, April 17th. They issued an "outperform" rating and a $4.50 price objective for the company. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Lithium Americas presently has a consensus rating of "Hold" and an average price target of $3.88.

Lithium Americas Stock Down 4.5%

The firm's 50-day moving average price is $2.79 and its 200 day moving average price is $2.89. The company has a market capitalization of $668.74 million, a price-to-earnings ratio of -19.09 and a beta of 0.69. The company has a current ratio of 10.35, a quick ratio of 10.35 and a debt-to-equity ratio of 0.02.

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

Hedge Funds Weigh In On Lithium Americas

A number of institutional investors have recently added to or reduced their stakes in the stock. Cacti Asset Management LLC bought a new position in Lithium Americas during the first quarter worth $27,000. Members Wealth LLC bought a new position in Lithium Americas during the first quarter worth $27,000. Ping Capital Management Inc. bought a new position in Lithium Americas during the first quarter worth $27,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in shares of Lithium Americas in the first quarter valued at $27,000. Finally, Mariner LLC bought a new position in shares of Lithium Americas in the fourth quarter valued at $31,000.

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.