Why Lithium Americas Stock Dropped Wednesday
Shares of lithium mining company Lithium Americas (NYSE: LAC) dropped double-digits Wednesday, after the company reported fourth-quarter and full-year 2020 results yesterday. As of 3:25 p.m. EST, shares were down 11% on the day.
The mining company remains pre-revenue as it works on developing its two lithium mining project sites. Lithium Americas reported having $518 million in cash and cash equivalents on its balance sheet as of the end of February 2021, after the company's recent stock offering at $22 per share raised $350 million. Shares are currently trading at $17 per share. Today, Canaccord Genuity analyst Katie Lachapelle maintained a buy rating on the stock, but lowered the Canadian firm's price target to about US$24 per share.
Source Fool.com
