Lithium Americas (Argentina) (NYSE:LAR – Get Free Report) posted its earnings results on Tuesday. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.07), Zacks reports.
Lithium Americas (Argentina) Stock Down 6.5%
Shares of LAR traded down $0.77 during trading hours on Tuesday, hitting $11.02. The company had a trading volume of 2,124,119 shares, compared to its average volume of 3,426,079. The business has a fifty day moving average of $7.98 and a 200-day moving average of $6.68. The firm has a market cap of $1.79 billion and a price-to-earnings ratio of -23.48. Lithium Americas has a 12 month low of $1.71 and a 12 month high of $12.05.
Analyst Upgrades and Downgrades
Several equities research analysts recently commented on LAR shares. Wall Street Zen raised shares of Lithium Americas (Argentina) from a “sell” rating to a “hold” rating in a research report on Saturday, March 28th. Deutsche Bank Aktiengesellschaft raised shares of Lithium Americas (Argentina) from a “hold” rating to a “buy” rating and set a $8.30 price target for the company in a research note on Tuesday, January 13th. TD Securities lifted their price target on shares of Lithium Americas (Argentina) from $7.00 to $9.00 and gave the company a “buy” rating in a research note on Tuesday, March 24th. Scotiabank boosted their price target on shares of Lithium Americas (Argentina) from $7.75 to $8.50 and gave the stock a “sector outperform” rating in a research report on Monday, April 6th. Finally, HSBC upgraded Lithium Americas (Argentina) from a “hold” rating to a “buy” rating and upped their target price for the stock from $4.75 to $9.60 in a report on Monday, January 19th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.77.
Institutional Inflows and Outflows
Several large investors have recently added to or reduced their stakes in the company. Seldon Capital LP acquired a new stake in shares of Lithium Americas (Argentina) during the third quarter worth $6,076,000. Millennium Management LLC grew its position in shares of Lithium Americas (Argentina) by 441.1% during the 4th quarter. Millennium Management LLC now owns 2,200,722 shares of the company’s stock worth $12,281,000 after purchasing an additional 1,793,994 shares in the last quarter. Woodline Partners LP bought a new position in shares of Lithium Americas (Argentina) during the first quarter worth approximately $3,456,000. Balyasny Asset Management L.P. bought a new position in shares of Lithium Americas (Argentina) during the fourth quarter worth approximately $5,423,000. Finally, Van ECK Associates Corp raised its position in shares of Lithium Americas (Argentina) by 6.8% in the fourth quarter. Van ECK Associates Corp now owns 10,251,244 shares of the company’s stock valued at $57,202,000 after buying an additional 657,087 shares in the last quarter. Institutional investors own 49.17% of the company’s stock.
Lithium Americas (Argentina) Company Profile
Lithium Americas (Argentina) is a subsidiary of Lithium Americas Corp. focused on the exploration, development and production of lithium brine resources in the Jujuy province of northwest Argentina. The company’s principal asset is the Cauchari-Olaroz project, situated within the Lithium Triangle, one of the world’s richest regions for lithium-bearing brines. Through its Argentine operations, Lithium Americas aims to supply battery-grade lithium carbonate critical to electric vehicle and energy-storage markets.
The Cauchari-Olaroz project encompasses concessions on the Salar de Cauchari and Salar de Olaroz salt flats, where detailed drilling programs and pilot‐scale evaporation ponds have demonstrated favorable lithium concentrations.
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