Lithium Americas (NYSE:LAC) Trading 23.4% Higher on Analyst Upgrade

Lithium Americas Corp. (NYSE:LAC)’s stock price shot up 23.4% on Wednesday after BMO Capital Markets raised their price target on the stock from $3.50 to $5.00. BMO Capital Markets currently has a market perform rating on the stock. Lithium Americas traded as high as $7.55 and last traded at $7.05. 213,669,066 shares were traded during mid-day trading, an increase of 1,885% from the average session volume of 10,763,228 shares. The stock had previously closed at $5.71.

LAC has been the topic of a number of other research reports. Cormark raised Lithium Americas to a “moderate buy” rating in a report on Wednesday, August 20th. Wedbush lifted their price target on Lithium Americas from $5.00 to $8.00 and gave the company a “neutral” rating in a research note on Wednesday. Jefferies Financial Group lowered their target price on shares of Lithium Americas from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, September 24th. TD Cowen reaffirmed a “hold” rating and set a $5.00 price objective on shares of Lithium Americas in a report on Thursday, September 25th. Finally, Cowen downgraded Lithium Americas from a “buy” rating to a “hold” rating in a research report on Wednesday, September 24th. Three investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $5.08.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Harbour Investments Inc. boosted its holdings in Lithium Americas by 86.1% in the second quarter. Harbour Investments Inc. now owns 9,900 shares of the company’s stock valued at $27,000 after acquiring an additional 4,580 shares during the last quarter. Ping Capital Management Inc. acquired a new position in shares of Lithium Americas during the first quarter worth $27,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new stake in shares of Lithium Americas during the first quarter valued at about $27,000. Members Wealth LLC acquired a new stake in Lithium Americas during the 1st quarter valued at approximately $27,000. Finally, Walleye Capital LLC bought a new stake in shares of Lithium Americas in the second quarter worth $28,000.

Lithium Americas Trading Down 2.6%

The firm has a market cap of $1.66 billion, a price-to-earnings ratio of -29.80 and a beta of 1.43. The business’s 50 day moving average price is $3.38 and its 200-day moving average price is $3.01. The company has a debt-to-equity ratio of 0.33, a quick ratio of 9.88 and a current ratio of 9.88.

Lithium Americas (NYSE:LAC) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). Equities analysts expect that Lithium Americas Corp. will post -0.12 EPS for the current year.

About Lithium Americas

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.