Lithium Americas (NYSE:LAC) Shares Down 10.6% – Time to Sell?

Lithium Americas Corp. (NYSE:LAC)’s share price dropped 10.6% during trading on Tuesday . The stock traded as low as $3.23 and last traded at $3.12. Approximately 1,449,794 shares were traded during trading, a decline of 68% from the average daily volume of 4,495,265 shares. The stock had previously closed at $3.49.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on LAC shares. Cormark upgraded Lithium Americas to a “moderate buy” rating in a research report on Friday, January 17th. BMO Capital Markets raised shares of Lithium Americas to a “hold” rating in a research note on Wednesday, October 23rd. Piper Sandler cut their target price on shares of Lithium Americas from $3.90 to $3.50 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Scotiabank decreased their price target on shares of Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating on the stock in a research report on Friday, October 18th. Finally, B. Riley boosted their target price on Lithium Americas from $4.50 to $5.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $5.51.

Lithium Americas Stock Up 2.1 %

The stock has a fifty day simple moving average of $3.43 and a 200-day simple moving average of $3.05. The company has a market capitalization of $700.66 million, a P/E ratio of -26.46 and a beta of 1.67.

Institutional Investors Weigh In On Lithium Americas

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LAC. Marshall Wace LLP bought a new stake in shares of Lithium Americas during the second quarter worth $10,252,000. Point72 Asset Management L.P. lifted its position in Lithium Americas by 580.1% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,857,193 shares of the company’s stock valued at $4,977,000 after purchasing an additional 1,584,123 shares during the period. Teamwork Financial Advisors LLC lifted its position in Lithium Americas by 79.2% during the 4th quarter. Teamwork Financial Advisors LLC now owns 714,381 shares of the company’s stock valued at $2,122,000 after purchasing an additional 315,621 shares during the period. Tidal Investments LLC boosted its stake in shares of Lithium Americas by 31.8% in the 3rd quarter. Tidal Investments LLC now owns 379,078 shares of the company’s stock valued at $1,024,000 after purchasing an additional 91,353 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in shares of Lithium Americas by 41.2% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 373,380 shares of the company’s stock worth $1,008,000 after buying an additional 108,993 shares during the period.

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.