Lithium Americas (Argentina) (NYSE:LAAC) Stock Price Down 11.4% – Here’s What Happened

Lithium Americas (Argentina) Corp. (NYSE:LAAC)’s share price dropped 11.4% during mid-day trading on Wednesday . The company traded as low as $3.09 and last traded at $3.12. Approximately 327,768 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 1,511,932 shares. The stock had previously closed at $3.52.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on LAAC. Hsbc Global Res raised Lithium Americas (Argentina) to a “strong-buy” rating in a research note on Wednesday, August 14th. HSBC upgraded shares of Lithium Americas (Argentina) from a “hold” rating to a “buy” rating in a research note on Wednesday, August 14th. Finally, Scotiabank decreased their target price on Lithium Americas (Argentina) from $8.00 to $4.25 and set a “sector outperform” rating for the company in a research note on Thursday, August 15th. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.05.

Lithium Americas (Argentina) Stock Performance

The stock has a market cap of $541.62 million, a PE ratio of 0.43 and a beta of 1.33. The firm’s 50-day moving average is $3.07 and its 200 day moving average is $3.51.

Lithium Americas (Argentina) (NYSE:LAAC) last announced its earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). On average, sell-side analysts predict that Lithium Americas will post -0.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Fifth Third Bancorp increased its position in Lithium Americas (Argentina) by 67.9% during the 2nd quarter. Fifth Third Bancorp now owns 9,895 shares of the company’s stock worth $32,000 after purchasing an additional 4,000 shares during the period. TD Asset Management Inc raised its position in Lithium Americas (Argentina) by 3.5% in the second quarter. TD Asset Management Inc now owns 122,775 shares of the company’s stock worth $391,000 after acquiring an additional 4,173 shares in the last quarter. Old West Investment Management LLC lifted its holdings in Lithium Americas (Argentina) by 18.2% in the second quarter. Old West Investment Management LLC now owns 33,386 shares of the company’s stock valued at $107,000 after acquiring an additional 5,140 shares during the period. Mercer Global Advisors Inc. ADV boosted its position in shares of Lithium Americas (Argentina) by 8.9% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 67,635 shares of the company’s stock worth $216,000 after purchasing an additional 5,503 shares in the last quarter. Finally, Apollon Wealth Management LLC increased its holdings in shares of Lithium Americas (Argentina) by 25.8% in the 3rd quarter. Apollon Wealth Management LLC now owns 28,607 shares of the company’s stock valued at $93,000 after purchasing an additional 5,870 shares in the last quarter. 49.17% of the stock is currently owned by hedge funds and other institutional investors.

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.