Lithium Americas (TSE:LAC) Trading Down 14.9% on Analyst Downgrade

Key Points

• Lithium Americas Corp. experienced a significant stock drop of 14.9% following a downgrade from TD Cowen from a strong buy to a hold rating.
• Despite the downgrade, Cormark recently upgraded the company's rating to a "moderate buy", while the average target price for the stock is currently C$7.50.
• The stock traded at C$8.75 on Friday, representing a sharp decline from a previous closing price of C$10.28, with trading volume up by 435% compared to its average.

Lithium Americas Corp. (TSE:LAC - Get Free Report)'s stock price dropped 14.9% during trading on Friday after TD Cowen downgraded the stock from a strong-buy rating to a hold rating. The stock traded as low as C$8.73 and last traded at C$8.75. Approximately 4,015,742 shares traded hands during trading, an increase of 435% from the average daily volume of 750,180 shares. The stock had previously closed at C$10.28.

Separately, Cormark upgraded Lithium Americas to a "moderate buy" rating in a research note on Wednesday, August 20th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, Lithium Americas presently has an average rating of "Moderate Buy" and an average target price of C$7.50.

Lithium Americas Stock Down 14.4%

The company's 50 day moving average price is C$4.24 and its two-hundred day moving average price is C$4.01. The company has a current ratio of 13.88, a quick ratio of 52.06 and a debt-to-equity ratio of 0.65. The stock has a market cap of C$2.13 billion, a P/E ratio of -35.20 and a beta of 1.26.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.