Lithium Americas (NYSE:LAC) Stock Price Down 6% - Here's What Happened

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

Analyst Ratings Changes

A number of brokerages have recently issued reports on LAC. B. Riley dropped their target price on Lithium Americas from $4.50 to $4.00 and set a "buy" rating for the company in a report on Friday, August 16th. National Bank Financial raised Lithium Americas from a "sector perform" rating to an "outperform" rating in a report on Thursday, October 17th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Lithium Americas from $3.00 to $2.50 and set a "hold" rating on the stock in a report on Friday, August 16th. BMO Capital Markets upgraded shares of Lithium Americas to a "hold" rating in a research report on Wednesday, October 23rd. Finally, Scotiabank dropped their price objective on shares of Lithium Americas from $3.00 to $2.50 and set a "sector perform" rating for the company in a report on Friday, October 18th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $5.50.

Lithium Americas Stock Down 9.0 %

The firm has a fifty day moving average of $2.72 and a 200-day moving average of $3.15.

Lithium Americas (NYSE:LAC - Get Free Report) last issued 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). On average, equities analysts forecast that Lithium Americas Corp. will post -0.09 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Van ECK Associates Corp increased its holdings in Lithium Americas by 69.8% in the second quarter. Van ECK Associates Corp now owns 3,953,127 shares of the company's stock valued at $10,591,000 after purchasing an additional 1,625,149 shares during the last quarter. Marshall Wace LLP bought a new position in Lithium Americas during the 2nd quarter worth approximately $10,252,000. Point72 Asset Management L.P. grew its holdings in Lithium Americas by 580.1% during 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. Teamwork Financial Advisors LLC grew its holdings in Lithium Americas by 2,274.3% during the third quarter. Teamwork Financial Advisors LLC now owns 398,760 shares of the company's stock valued at $1,077,000 after purchasing an additional 381,965 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Lithium Americas by 41.2% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 373,380 shares of the company's stock valued at $1,008,000 after purchasing an additional 108,993 shares in the last quarter.

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.