Lithium Americas (NYSE:LAC) Stock Price Down 6% - Should You Sell?

Shares of Lithium Americas Corp. (NYSE:LAC - Get Free Report) traded down 6% during trading on Wednesday . The stock traded as low as $4.17 and last traded at $4.24. 7,060,714 shares changed hands during mid-day trading, an increase of 39% from the average session volume of 5,088,838 shares. The stock had previously closed at $4.51.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. B. Riley decreased their price target on shares of Lithium Americas from $4.50 to $4.00 and set a "buy" rating for the company in a research report on Friday, August 16th. Scotiabank decreased their price target on shares of Lithium Americas from $3.00 to $2.50 and set a "sector perform" rating for the company in a research report on Friday, October 18th. Piper Sandler assumed coverage on shares of Lithium Americas in a report on Monday, July 29th. They issued a "neutral" rating and a $3.90 price objective on the stock. National Bank Financial upgraded shares of Lithium Americas from a "sector perform" rating to an "outperform" rating in a report on Thursday, October 17th. Finally, BMO Capital Markets upgraded shares of Lithium Americas to a "hold" rating in a report on Wednesday, October 23rd. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $5.50.

Lithium Americas Stock Performance

The company's 50 day moving average is $2.72 and its 200 day moving average is $3.15.

Lithium Americas (NYSE:LAC - Get Free Report) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.02). Analysts predict that Lithium Americas Corp. will post -0.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lithium Americas

Several hedge funds and other institutional investors have recently bought and sold shares of LAC. Renaissance Technologies LLC acquired a new position in Lithium Americas in the second quarter valued at $520,000. Marshall Wace LLP acquired a new position in Lithium Americas in the second quarter valued at $10,252,000. Merewether Investment Management LP acquired a new position in Lithium Americas in the second quarter valued at $858,000. Wealth Enhancement Advisory Services LLC increased its stake in Lithium Americas by 8.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 242,074 shares of the company's stock valued at $1,627,000 after purchasing an additional 18,388 shares during the period. Finally, Point72 Asset Management L.P. increased its stake in Lithium Americas by 580.1% in the second 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.

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.

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