Livent (NASDAQ:LTHM) Downgraded to Sell at Zacks Investment Research

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Zacks Investment Research lowered shares of Livent (NASDAQ:LTHM) from a hold rating to a sell rating in a report released on Thursday, Zacks.com reports.

According to Zacks, “Livent Corporation produces and distributes lithium chemicals. The Company offers lithium chemicals for applications in batteries, agrochemicals, aerospace alloys, greases, pharmaceuticals, polymers, and various industrial applications. Livent Corporation is based in PA, United States. “

A number of other analysts have also weighed in on the stock. Argus lowered shares of Livent from a buy rating to a hold rating and set a $7.58 price objective for the company. in a research note on Thursday, May 16th. Nomura set a $9.00 price target on shares of Livent and gave the company a hold rating in a research report on Wednesday, August 7th. Bank of America lowered shares of Livent from a neutral rating to an underperform rating and decreased their price target for the company from $10.00 to $7.00 in a research report on Monday, August 12th. Citigroup set a $8.00 price target on shares of Livent and gave the company a hold rating in a research report on Monday, August 12th. Finally, Gabelli lowered shares of Livent from a buy rating to a sell rating in a research report on Thursday, May 9th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $15.11.

NASDAQ:LTHM opened at $6.57 on Thursday. Livent has a 1-year low of $5.49 and a 1-year high of $19.90. The company has a 50-day moving average of $6.82 and a 200 day moving average of $9.59.

Livent (NASDAQ:LTHM) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.12 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.12. The business had revenue of $114.00 million during the quarter, compared to analysts’ expectations of $108.85 million. The firm’s revenue was up 5.7% compared to the same quarter last year.

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. increased its holdings in shares of Livent by 1,314.0% during the first quarter. BlackRock Inc. now owns 22,020,859 shares of the company’s stock valued at $270,417,000 after acquiring an additional 20,463,527 shares in the last quarter. Ruffer LLP acquired a new position in shares of Livent during the second quarter valued at about $27,161,000. FMR LLC increased its holdings in shares of Livent by 126.6% during the first quarter. FMR LLC now owns 5,001,460 shares of the company’s stock valued at $61,418,000 after acquiring an additional 2,794,118 shares in the last quarter. CIBC Private Wealth Group LLC increased its holdings in shares of Livent by 177.4% during the second quarter. CIBC Private Wealth Group LLC now owns 4,036,374 shares of the company’s stock valued at $27,931,000 after acquiring an additional 2,581,453 shares in the last quarter. Finally, Victory Capital Management Inc. acquired a new position in shares of Livent during the first quarter valued at about $26,215,000.

Livent Company Profile

Livent Corporation manufactures and sells performance lithium compounds that are used primarily in energy storage, specialty polymers, and chemical synthesis application. The company offers lithium compounds for use in applications that have specific performance requirements, including battery-grade lithium hydroxide for use in high performance lithium-ion batteries; and supplies butyllithium, which is used as a synthesizer in the production of polymers and pharmaceutical products, as well as a range of specialty lithium compounds, including high purity lithium metal, which is used in the production of lightweight materials for aerospace applications and non-rechargeable batteries.

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