Lithium Americas (NYSE:LAC) Shares Gap Down Following Weak Earnings

Lithium Americas Corp. (NYSE:LAC)’s stock price gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $3.16, but opened at $2.98. Lithium Americas shares last traded at $2.91, with a volume of 2,396,416 shares traded.

The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.01).

Analyst Ratings Changes

Several research analysts recently issued reports on LAC shares. National Bankshares reaffirmed an “outperform” rating on shares of Lithium Americas in a research report on Wednesday, April 2nd. Evercore ISI started coverage on Lithium Americas in a research report on Thursday, April 17th. They set an “outperform” rating and a $4.50 target price on the stock. Scotiabank reduced their target price on Lithium Americas from $3.00 to $2.75 and set a “sector perform” rating on the stock in a research report on Monday, March 31st. Finally, Wedbush reaffirmed a “neutral” rating and set a $5.00 target price on shares of Lithium Americas in a research report on Friday. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $3.88.

Institutional Trading of Lithium Americas

Large investors have recently added to or reduced their stakes in the company. Mackenzie Financial Corp boosted its stake in shares of Lithium Americas by 3.9% in the fourth quarter. Mackenzie Financial Corp now owns 87,701 shares of the company’s stock worth $262,000 after buying an additional 3,310 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Lithium Americas by 4.4% during the fourth quarter. Ameriprise Financial Inc. now owns 104,207 shares of the company’s stock valued at $309,000 after acquiring an additional 4,379 shares during the last quarter. HITE Hedge Asset Management LLC increased its holdings in shares of Lithium Americas by 0.6% in the first quarter. HITE Hedge Asset Management LLC now owns 735,918 shares of the company’s stock valued at $1,994,000 after purchasing an additional 4,445 shares during the last quarter. Allworth Financial LP increased its holdings in shares of Lithium Americas by 99.4% in the fourth quarter. Allworth Financial LP now owns 9,814 shares of the company’s stock valued at $31,000 after purchasing an additional 4,893 shares during the last quarter. Finally, Perigon Wealth Management LLC increased its holdings in shares of Lithium Americas by 46.2% in the fourth quarter. Perigon Wealth Management LLC now owns 15,824 shares of the company’s stock valued at $47,000 after purchasing an additional 5,000 shares during the last quarter.

Lithium Americas Stock Down 10.9%

The company has a market capitalization of $615.60 million, a PE ratio of -23.46 and a beta of 0.89. The firm has a 50-day moving average of $2.84 and a two-hundred day moving average of $3.16.

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.