Benzinga - by Zacks, Benzinga Contributor.
The latest trading session saw Lithium Americas Corp. (NYSE: LAC) ending at $4.68, denoting a -1.47% adjustment from its last day's close. The stock's change was less than the S&P 500's daily gain of 1.2%. Meanwhile, the Dow experienced a rise of 0.69%, and the technology-dominated Nasdaq saw an increase of 1.59%.
Coming into today, shares of the lithium producer had lost 30.76% in the past month. In that same time, the Basic Materials sector lost 1.66%, while the S&P 500 lost 4.16%.
The investment community will be paying close attention to the earnings performance of Lithium Americas Corp. in its upcoming release. The company is slated to reveal its earnings on May 13, 2024.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Lithium Americas Corp. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 13.02% upward. As of now, Lithium Americas Corp. holds a Zacks Rank of #3 (Hold).
The Mining - Miscellaneous industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 91, positioning it in the top 37% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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