Lithium Americas (NYSE:LAC) Stock Price Down 6.2% – Time to Sell?

Lithium Americas Corp. (NYSE:LAC) shares traded down 6.2% during mid-day trading on Friday . The stock traded as low as $3.61 and last traded at $3.63. 4,548,648 shares traded hands during mid-day trading, a decline of 16% from the average session volume of 5,403,176 shares. The stock had previously closed at $3.87.

Analyst Upgrades and Downgrades

LAC has been the subject of a number of recent research reports. BMO Capital Markets raised shares of Lithium Americas to a “hold” rating in a research report on Wednesday, October 23rd. Piper Sandler initiated coverage on shares of Lithium Americas in a report on Monday, July 29th. They set a “neutral” rating and a $3.90 target price on the stock. Deutsche Bank Aktiengesellschaft cut their price target on Lithium Americas from $3.00 to $2.50 and set a “hold” rating for the company in a research note on Friday, August 16th. Scotiabank lowered their price objective on Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating on the stock in a research note on Friday, October 18th. Finally, National Bank Financial raised Lithium Americas from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 17th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $5.63.

Lithium Americas Trading Down 3.9 %

The firm has a 50-day moving average of $3.13 and a two-hundred day moving average of $3.08. The firm has a market capitalization of $820.89 million and a P/E ratio of -31.00.

Institutional Investors Weigh In On Lithium Americas

A number of hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC bought a new position in Lithium Americas in the 2nd quarter valued at approximately $520,000. Marshall Wace LLP bought a new position in shares of Lithium Americas in the 2nd quarter valued at $10,252,000. Merewether Investment Management LP acquired a new stake in shares of Lithium Americas during the 2nd quarter valued at $858,000. Point72 Asset Management L.P. grew its position in Lithium Americas by 580.1% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,857,193 shares of the company’s stock worth $4,977,000 after acquiring an additional 1,584,123 shares during the last quarter. Finally, BNP Paribas Financial Markets acquired a new position in Lithium Americas in the 1st quarter worth about $202,000.

About Lithium Americas

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.