Zacks Investment Research downgraded shares of Lithium Americas (NYSE:LAC) from a hold rating to a sell rating in a research report released on Wednesday morning.
According to Zacks, “Lithium Americas Corp. owns Lithium Nevada and RheoMinerals Inc., a supplier of rheology modifiers for oilbased drilling fluids, coatings and specialty chemicals. Lithium Americas Corp. is based in Vancouver, Canada. “
Separately, Jefferies Financial Group assumed coverage on shares of Lithium Americas in a research note on Wednesday, October 3rd. They set a buy rating for the company.
Lithium Americas stock traded down $0.07 during trading hours on Wednesday, hitting $3.89. 179,222 shares of the stock traded hands, compared to its average volume of 163,841. The company has a debt-to-equity ratio of 0.01, a quick ratio of 7.71 and a current ratio of 8.07. The stock has a market cap of $350.82 million and a price-to-earnings ratio of -8.84. Lithium Americas has a one year low of $3.50 and a one year high of $10.95.
Lithium Americas (NYSE:LAC) last posted its quarterly earnings data on Tuesday, August 14th. The company reported ($0.08) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.04). Lithium Americas had a negative net margin of 860.20% and a negative return on equity of 28.03%. The firm had revenue of $0.86 million for the quarter, compared to the consensus estimate of $1.30 million. On average, analysts predict that Lithium Americas will post -0.25 earnings per share for the current year.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC raised its stake in Lithium Americas by 1,474.2% during the 2nd quarter. Millennium Management LLC now owns 308,540 shares of the company’s stock valued at $1,663,000 after buying an additional 288,940 shares during the last quarter. Swiss National Bank purchased a new stake in shares of Lithium Americas in the 1st quarter worth $524,000. Stifel Financial Corp purchased a new stake in shares of Lithium Americas in the 1st quarter worth $434,000. UBS Group AG purchased a new stake in shares of Lithium Americas in the 1st quarter worth $216,000. Finally, Royal Bank of Canada purchased a new stake in shares of Lithium Americas in the 1st quarter worth $210,000. Institutional investors and hedge funds own 7.55% of the company’s stock.
Lithium Americas Company Profile
Lithium Americas Corp. operates as a resource company in the United States. The company explores for lithium deposits. It primarily holds interests in the Cauchari-Olaroz Project located in Jujuy province of Argentina; and the Lithium Nevada Project covering approximately 15,233 hectares of area located in northwestern Nevada.
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