Lithium Americas Corp (NYSE:LAC)’s share price dropped 6.5% during mid-day trading on Tuesday . The company traded as low as $3.07 and last traded at $3.18. Approximately 536,540 shares changed hands during mid-day trading, an increase of 143% from the average daily volume of 220,630 shares. The stock had previously closed at $3.40.
LAC has been the topic of a number of research reports. Zacks Investment Research downgraded shares of Lithium Americas from a “hold” rating to a “sell” rating in a report on Wednesday, July 4th. Jefferies Financial Group initiated coverage on shares of Lithium Americas in a report on Wednesday, October 3rd. They issued a “buy” rating on the stock. Finally, BMO Capital Markets initiated coverage on shares of Lithium Americas in a report on Monday. They issued a “market perform” rating on the stock.
The company has a current ratio of 8.07, a quick ratio of 7.71 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $319.81 million and a PE ratio of -7.23.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Millennium Management LLC purchased a new position in shares of Lithium Americas in the first quarter worth approximately $106,000. Quattro Financial Advisors LLC purchased a new position in shares of Lithium Americas in the second quarter worth approximately $177,000. Royal Bank of Canada purchased a new position in Lithium Americas during the first quarter valued at approximately $210,000. UBS Group AG purchased a new position in Lithium Americas during the first quarter valued at approximately $216,000. Finally, Stifel Financial Corp purchased a new position in Lithium Americas during the first quarter valued at approximately $434,000. 7.51% of the stock is currently owned by institutional investors.
About Lithium Americas (NYSE:LAC)
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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