Scotia Issues Pessimistic Forecast for Lithium Americas (NYSE:LAC) Stock Price

Lithium Americas (NYSE:LAC) had its target price cut by equities research analysts at Scotia from $5.00 to $4.50 in a report issued on Monday,BayStreet.CA reports. The firm presently has a “sector perform” rating on the stock. Scotia’s price objective points to a potential downside of 8.07% from the company’s previous close.

LAC has been the subject of several other research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Lithium Americas in a report on Monday, April 27th. Wall Street Zen raised Lithium Americas from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Wedbush initiated coverage on Lithium Americas in a research note on Monday, April 20th. They issued a “neutral” rating and a $8.00 price objective for the company. Scotiabank dropped their price objective on Lithium Americas from $7.00 to $5.00 and set a “sector perform” rating for the company in a research note on Monday, April 6th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Lithium Americas in a research note on Monday, February 23rd. Two research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $5.56.

Lithium Americas Stock Performance

NYSE:LAC traded up $0.03 during mid-day trading on Monday, hitting $4.90. 12,184,973 shares of the company traded hands, compared to its average volume of 13,011,765. The stock’s fifty day moving average price is $4.63 and its 200-day moving average price is $4.90. Lithium Americas has a one year low of $2.47 and a one year high of $10.52. The company has a quick ratio of 5.16, a current ratio of 7.36 and a debt-to-equity ratio of 0.65. The firm has a market cap of $1.72 billion, a price-to-earnings ratio of -11.94 and a beta of 2.50.

Lithium Americas (NYSE:LAC) last released its quarterly earnings results on Thursday, May 14th. The company reported $0.00 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.07. Research analysts anticipate that Lithium Americas will post -0.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lithium Americas

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp raised its position in Lithium Americas by 158.1% during the third quarter. Van ECK Associates Corp now owns 14,479,615 shares of the company’s stock valued at $82,679,000 after purchasing an additional 8,868,971 shares during the period. Kailix Advisors LLC bought a new position in shares of Lithium Americas during the fourth quarter valued at approximately $5,123,000. Old West Investment Management LLC bought a new position in shares of Lithium Americas during the third quarter valued at approximately $7,647,000. Revisor Wealth Management LLC grew its stake in shares of Lithium Americas by 123.7% during the fourth quarter. Revisor Wealth Management LLC now owns 366,418 shares of the company’s stock valued at $1,598,000 after buying an additional 202,594 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Lithium Americas by 510.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 142,234 shares of the company’s stock valued at $619,000 after buying an additional 118,922 shares during the last quarter.

Lithium Americas Company Profile

Lithium Americas Corp. is a Vancouver‐based resource company focused on the development of lithium projects to support the global transition to electric vehicles and renewable energy storage. The company specializes in advancing lithium brine and claystone assets through feasibility studies, environmental permitting and engineering design. Its technical teams work to produce high‐purity lithium chemicals, including lithium carbonate and lithium hydroxide, for battery manufacturers worldwide.

Lithium Americas’ two flagship projects are the Cauchari‐Olaroz lithium brine operation in Jujuy Province, Argentina—developed in partnership with Ganfeng Lithium—and the Thacker Pass lithium clay deposit in northern Nevada, United States.