Lithium Americas (NYSE:LAC) Stock Price Down 5.2% – Time to Sell?

Shares of Lithium Americas Corp. (NYSE:LAC) dropped 5.2% during trading on Tuesday . The stock traded as low as $2.52 and last traded at $2.49. Approximately 1,257,181 shares changed hands during trading, a decline of 78% from the average daily volume of 5,649,993 shares. The stock had previously closed at $2.62.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on LAC shares. Scotiabank decreased 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 report on Monday, March 31st. Piper Sandler decreased their price target on shares of Lithium Americas from $3.90 to $3.50 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. National Bankshares restated an “outperform” rating on shares of Lithium Americas in a research report on Wednesday, April 2nd. Wedbush started coverage on Lithium Americas in a research report on Thursday, December 19th. They issued a “neutral” rating and a $5.00 price objective on the stock. Finally, Cormark upgraded Lithium Americas to a “moderate buy” rating in a research report on Friday, January 17th. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $4.84.

Lithium Americas Price Performance

The company’s 50 day simple moving average is $2.90 and its 200 day simple moving average is $3.19. The stock has a market cap of $521.92 million, a P/E ratio of -19.71 and a beta of 1.01.

Lithium Americas (NYSE:LAC) last posted its earnings results on Friday, March 28th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.09). On average, equities research analysts predict that Lithium Americas Corp. will post -0.12 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Cacti Asset Management LLC bought a new position in Lithium Americas during the 1st quarter worth about $27,000. Mackenzie Financial Corp raised its position in Lithium Americas by 3.9% in the 4th quarter. Mackenzie Financial Corp now owns 87,701 shares of the company’s stock valued at $262,000 after buying an additional 3,310 shares during the last quarter. Toronto Dominion Bank lifted its stake in Lithium Americas by 44.1% in the 4th quarter. Toronto Dominion Bank now owns 27,679 shares of the company’s stock valued at $82,000 after acquiring an additional 8,466 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Lithium Americas by 8.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,254,848 shares of the company’s stock worth $9,732,000 after acquiring an additional 240,418 shares during the last quarter. Finally, Gotham Asset Management LLC bought a new position in shares of Lithium Americas during the 4th quarter worth approximately $76,000.

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.