Lithium Americas (NYSE:LAC) Trading 3.7% Higher on Analyst Upgrade

Lithium Americas Corp. (NYSE:LAC) shares traded up 3.7% on Wednesday after B. Riley raised their price target on the stock from $4.50 to $5.00. B. Riley currently has a buy rating on the stock. Lithium Americas traded as high as $4.43 and last traded at $4.24. 5,563,292 shares changed hands during mid-day trading, an increase of 4% from the average session volume of 5,353,698 shares. The stock had previously closed at $4.09.

Other equities research analysts have also issued research reports about the stock. Deutsche Bank Aktiengesellschaft cut 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. BMO Capital Markets upgraded Lithium Americas to a “hold” rating in a report on Wednesday, October 23rd. Scotiabank lowered their price target on Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating on the stock in a report on Friday, October 18th. National Bank Financial raised Lithium Americas from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 17th. Finally, Piper Sandler initiated coverage on Lithium Americas in a research note on Monday, July 29th. They set a “neutral” rating and a $3.90 target price on the stock. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $5.63.

Hedge Funds Weigh In On Lithium Americas

Several large investors have recently added to or reduced their stakes in LAC. 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 valued at $10,591,000 after purchasing an additional 1,625,149 shares during the period. Marshall Wace LLP acquired a new stake in shares of Lithium Americas during the 2nd quarter valued at about $10,252,000. Point72 Asset Management L.P. increased its stake in 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 valued at $4,977,000 after acquiring an additional 1,584,123 shares during the period. Teamwork Financial Advisors LLC raised its position in Lithium Americas by 2,274.3% in 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 in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its stake in shares of Lithium Americas by 41.2% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 373,380 shares of the company’s stock valued at $1,008,000 after purchasing an additional 108,993 shares during the period.

Lithium Americas Price Performance

The stock has a market capitalization of $856.19 million and a price-to-earnings ratio of -33.17. The firm has a 50 day simple moving average of $3.07 and a 200-day simple moving average of $3.08.

Lithium Americas (NYSE:LAC) last announced its earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.02). On average, sell-side analysts forecast that Lithium Americas Corp. will post -0.1 earnings per share for the current fiscal 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.