Lithium Americas (NYSE:LAC) Shares Gap Down on Disappointing Earnings

Lithium Americas Corp. (NYSE:LAC) shares gapped down prior to trading on Friday following a weaker than expected earnings announcement. 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 changing hands.

The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.01).

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on LAC. National Bankshares reaffirmed an “outperform” rating on shares of Lithium Americas in a research note on Wednesday, April 2nd. Evercore ISI assumed coverage on shares of Lithium Americas in a report on Thursday, April 17th. They set an “outperform” rating and a $4.50 target price on the stock. Wedbush restated a “neutral” rating and issued a $5.00 price objective on shares of Lithium Americas in a report on Friday. Finally, Scotiabank dropped their target price on shares of 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. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Lithium Americas has an average rating of “Hold” and a consensus price target of $3.88.

Institutional Trading of Lithium Americas

A number of large investors have recently modified their holdings of LAC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Lithium Americas by 8.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,254,848 shares of the company’s stock valued at $9,732,000 after purchasing an additional 240,418 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Lithium Americas by 44.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,046,556 shares of the company’s stock worth $2,836,000 after purchasing an additional 324,518 shares during the period. Teamwork Financial Advisors LLC raised its position in Lithium Americas by 20.1% during the first quarter. Teamwork Financial Advisors LLC now owns 857,754 shares of the company’s stock valued at $2,325,000 after acquiring an additional 143,373 shares in the last quarter. Quinn Opportunity Partners LLC raised its position in shares of Lithium Americas by 1,132.5% in the fourth quarter. Quinn Opportunity Partners LLC now owns 811,632 shares of the company’s stock valued at $2,411,000 after purchasing an additional 745,777 shares during the period. Finally, HITE Hedge Asset Management LLC grew its stake 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 worth $1,994,000 after acquiring an additional 4,445 shares during the last quarter.

Lithium Americas Price Performance

The firm’s 50 day moving average price is $2.84 and its 200-day moving average price is $3.16. The firm has a market cap of $615.60 million, a price-to-earnings ratio of -23.46 and a beta of 0.89.

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.