Lithium Americas (Argentina) (NYSE:LAAC) Shares Down 3.6% - Here's Why

Lithium Americas (Argentina) Corp. (NYSE:LAAC - Get Free Report) shares were down 3.6% on Friday . The stock traded as low as $3.24 and last traded at $3.25. Approximately 300,497 shares were traded during trading, a decline of 80% from the average daily volume of 1,499,922 shares. The stock had previously closed at $3.37.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Hsbc Global Res raised shares of Lithium Americas (Argentina) to a "strong-buy" rating in a research note on Wednesday, August 14th. Scotiabank lowered their price target on Lithium Americas (Argentina) from $8.00 to $4.25 and set a "sector outperform" rating for the company in a report on Thursday, August 15th. Finally, HSBC upgraded shares of Lithium Americas (Argentina) from a "hold" rating to a "buy" rating in a research report on Wednesday, August 14th. Four research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Lithium Americas (Argentina) presently has an average rating of "Moderate Buy" and an average target price of $7.05.

Lithium Americas (Argentina) Trading Down 1.2 %

The stock has a market cap of $539.22 million, a price-to-earnings ratio of 0.43 and a beta of 1.33. The company has a 50 day simple moving average of $3.25 and a 200-day simple moving average of $3.38.

Institutional Investors Weigh In On Lithium Americas (Argentina)

Several large investors have recently added to or reduced their stakes in LAAC. Fairscale Capital LLC purchased a new stake in Lithium Americas (Argentina) in the 2nd quarter worth approximately $31,000. Fifth Third Bancorp grew its position in shares of Lithium Americas (Argentina) by 67.9% during the 2nd quarter. Fifth Third Bancorp now owns 9,895 shares of the company's stock valued at $32,000 after acquiring an additional 4,000 shares during the period. Ping Capital Management Inc. purchased a new position in shares of Lithium Americas (Argentina) during the second quarter valued at about $35,000. Vanguard Personalized Indexing Management LLC purchased a new stake in Lithium Americas (Argentina) in the 2nd quarter worth about $36,000. Finally, Legacy Capital Group California Inc. bought a new position in shares of Lithium Americas (Argentina) in the third quarter worth about $36,000. Institutional investors and hedge funds own 49.17% of the company's stock.

Lithium Americas (Argentina) Company Profile

Lithium Americas (Argentina) Corp. operates as a resource company. The company explores for lithium deposits. The company owns interests in the Cauchari-Olaroz project located in Jujuy province of Argentina. It also has a pipeline of development and exploration stage projects, including the Pastos Grandes project and the Sal de la Puna project located in Salta Province in northwestern Argentina.

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