Lithium Americas (NYSE:LAC) Sees Strong Trading Volume – Should You Buy?

Shares of Lithium Americas Corp. (NYSE:LAC) saw unusually-high trading volume on Monday . Approximately 1,628,309 shares traded hands during mid-day trading, a decline of 44% from the previous session’s volume of 2,929,663 shares.The stock last traded at $3.37 and had previously closed at $3.17.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Wedbush started coverage on shares of Lithium Americas in a research report on Thursday, December 19th. They set a “neutral” rating and a $5.00 price target on the stock. National Bank Financial raised shares of Lithium Americas from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 17th. Scotiabank reduced their price target on Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating for the company in a report on Friday, October 18th. BMO Capital Markets raised Lithium Americas to a “hold” rating in a research report on Wednesday, October 23rd. Finally, 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. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $5.56.

Lithium Americas Trading Up 8.2 %

The company has a 50 day moving average of $3.64 and a 200-day moving average of $2.99. The firm has a market capitalization of $756.95 million, a P/E ratio of -28.58 and a beta of 1.67.

Hedge Funds Weigh In On Lithium Americas

Several institutional investors and hedge funds have recently modified their holdings of LAC. Marshall Wace LLP bought a new stake in Lithium Americas in the 2nd quarter valued at about $10,252,000. Point72 Asset Management L.P. boosted 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 valued at $4,977,000 after buying an additional 1,584,123 shares during the period. Teamwork Financial Advisors LLC grew its position in 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 buying an additional 381,965 shares in the last quarter. Merewether Investment Management LP bought a new position in Lithium Americas during the 2nd quarter worth $858,000. Finally, HITE Hedge Asset Management LLC acquired a new position in Lithium Americas in the 3rd quarter valued at $787,000.

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.