Lithium Americas (NYSE:LAC) Trading Up 3.9% – What’s Next?

Shares of Lithium Americas Corp. (NYSE:LAC) shot up 3.9% during mid-day trading on Tuesday . The stock traded as high as $3.81 and last traded at $3.76. 2,712,092 shares traded hands during trading, a decline of 50% from the average session volume of 5,408,240 shares. The stock had previously closed at $3.62.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on LAC shares. National Bank Financial upgraded Lithium Americas from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 17th. B. Riley raised their price objective on Lithium Americas from $4.50 to $5.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Scotiabank reduced their target price on shares of Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating for the company in a report on Friday, October 18th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Lithium Americas from $3.00 to $2.50 and set a “hold” rating on the stock in a report on Friday, August 16th. Finally, Piper Sandler assumed coverage on shares of Lithium Americas in a research note on Monday, July 29th. They set a “neutral” rating and a $3.90 price objective for the company. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Lithium Americas currently has an average rating of “Hold” and an average price target of $5.63.

Lithium Americas Stock Performance

The business’s 50 day moving average is $3.16 and its 200 day moving average is $3.06. The company has a market capitalization of $825.34 million and a price-to-earnings ratio of -31.33.

Hedge Funds Weigh In On Lithium Americas

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LAC. Marshall Wace LLP acquired a new position in Lithium Americas in the 2nd quarter worth approximately $10,252,000. Van ECK Associates Corp boosted its holdings in shares of Lithium Americas by 69.8% in the 2nd quarter. Van ECK Associates Corp now owns 3,953,127 shares of the company’s stock valued at $10,591,000 after acquiring an additional 1,625,149 shares during the last quarter. Point72 Asset Management L.P. increased its stake in shares of Lithium Americas by 580.1% in the second quarter. Point72 Asset Management L.P. now owns 1,857,193 shares of the company’s stock worth $4,977,000 after acquiring an additional 1,584,123 shares during the period. Teamwork Financial Advisors LLC raised its holdings in shares of Lithium Americas by 2,274.3% during the third 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 during the last quarter. Finally, Merewether Investment Management LP acquired a new position in Lithium Americas during the second quarter valued at $858,000.

Lithium Americas Company Profile

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.