Lithium Americas (NYSE:LAC) Shares Up 6.9% – Should You Buy?

by · The Cerbat Gem

Lithium Americas Corp. (NYSE:LAC – Get Free Report)’s share price shot up 6.9% on Thursday . The company traded as high as $3.48 and last traded at $3.40. 4,848,134 shares changed hands during mid-day trading, an increase of 3% from the average session volume of 4,703,313 shares. The stock had previously closed at $3.18.

Analysts Set New Price Targets

LAC has been the topic of a number of analyst reports. National Bank Financial raised Lithium Americas from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 17th. Deutsche Bank Aktiengesellschaft reduced their target price on Lithium Americas from $3.00 to $2.50 and set a “hold” rating on the stock in a research note on Friday, August 16th. B. Riley lowered their target price on shares of Lithium Americas from $4.50 to $4.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Piper Sandler assumed coverage on shares of Lithium Americas in a research note on Monday, July 29th. They issued a “neutral” rating and a $3.90 price target on the stock. Finally, Scotiabank lowered their price objective on shares of Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating for the company in a research report on Friday, October 18th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Lithium Americas has a consensus rating of “Moderate Buy” and an average target price of $5.50.

Check Out Our Latest Research Report on LAC

Lithium Americas Stock Performance

The stock’s 50 day moving average price is $2.61 and its 200-day moving average price is $3.27.

Lithium Americas (NYSE:LAC – Get Free Report) last announced its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.02). On average, analysts predict that Lithium Americas Corp. will post -0.09 EPS for the current year.

Hedge Funds Weigh In On Lithium Americas

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Marshall Wace LLP bought a new stake in shares of Lithium Americas in the 2nd quarter valued at about $10,252,000. Van ECK Associates Corp increased its position in shares of Lithium Americas by 69.8% during the second quarter. Van ECK Associates Corp now owns 3,953,127 shares of the company’s stock worth $10,591,000 after purchasing an additional 1,625,149 shares in the last quarter. Point72 Asset Management L.P. lifted its holdings in shares of Lithium Americas by 580.1% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,857,193 shares of the company’s stock valued at $4,977,000 after purchasing an additional 1,584,123 shares during the last quarter. Teamwork Financial Advisors LLC boosted its position in shares of Lithium Americas by 2,274.3% in the 3rd quarter. Teamwork Financial Advisors LLC now owns 398,760 shares of the company’s stock worth $1,077,000 after purchasing an additional 381,965 shares in the last quarter. Finally, Merewether Investment Management LP purchased a new position in Lithium Americas during the 2nd quarter worth $858,000.

Lithium Americas Company Profile

(Get Free Report)

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.

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