Millennium Management LLC Trims Holdings in Lithium Americas Corp. (NYSE:LAC)

Millennium Management LLC trimmed its position in Lithium Americas Corp. (NYSE:LAC) by 91.6% in the 4th quarter, HoldingsChannel reports. The fund owned 101,095 shares of the company’s stock after selling 1,109,343 shares during the quarter. Millennium Management LLC’s holdings in Lithium Americas were worth $300,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp increased its holdings in Lithium Americas by 29.5% in the 4th quarter. Jones Financial Companies Lllp now owns 87,350 shares of the company’s stock worth $259,000 after acquiring an additional 19,908 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Lithium Americas during the 4th quarter valued at approximately $130,000. Ameriprise Financial Inc. grew its holdings in Lithium Americas by 4.4% during the 4th quarter. Ameriprise Financial Inc. now owns 104,207 shares of the company’s stock valued at $309,000 after buying an additional 4,379 shares in the last quarter. Prosperity Wealth Management Inc. purchased a new stake in Lithium Americas during the 4th quarter valued at approximately $323,000. Finally, Quinn Opportunity Partners LLC grew its holdings in Lithium Americas by 1,132.5% during the 4th quarter. Quinn Opportunity Partners LLC now owns 811,632 shares of the company’s stock valued at $2,411,000 after buying an additional 745,777 shares in the last quarter.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Wedbush reaffirmed a “neutral” rating and set a $5.00 price objective on shares of Lithium Americas in a report on Friday, May 16th. Scotiabank cut their price objective on shares of Lithium Americas from $3.00 to $2.75 and set a “sector perform” rating for the company in a report on Monday, March 31st. National Bank Financial lowered shares of Lithium Americas from a “strong-buy” rating to a “hold” rating in a report on Friday, May 16th. National Bankshares lowered shares of Lithium Americas from an “outperform” rating to a “sector perform” rating in a report on Friday, May 16th. Finally, 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 price objective for the company. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $3.88.

Lithium Americas Stock Performance

LAC stock opened at $2.76 on Wednesday. The firm has a fifty day moving average price of $2.80 and a 200 day moving average price of $3.01. Lithium Americas Corp. has a fifty-two week low of $2.02 and a fifty-two week high of $5.20. The firm has a market cap of $603.08 million, a PE ratio of -22.96 and a beta of 0.67.

Lithium Americas (NYSE:LAC) last posted its earnings results on Thursday, May 15th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.01). On average, equities analysts predict that Lithium Americas Corp. will post -0.12 EPS for the current year.

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.