Lithium Americas (NYSE:LAC) Shares Gap Up – Time to Buy?

Shares of Lithium Americas Corp. (NYSE:LAC) gapped up prior to trading on Friday . The stock had previously closed at $2.52, but opened at $2.63. Lithium Americas shares last traded at $2.59, with a volume of 1,459,413 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on LAC shares. Scotiabank cut their price objective on shares of Lithium Americas from $5.50 to $3.00 and set a “sector perform” rating for the company in a research report on Thursday, August 15th. Piper Sandler began 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. Deutsche Bank Aktiengesellschaft cut their price objective on Lithium Americas from $3.00 to $2.50 and set a “hold” rating for the company in a research report on Friday, August 16th. Finally, B. Riley cut their target price on shares of Lithium Americas from $4.50 to $4.00 and set a “buy” rating for the company in a report on Friday, August 16th. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $5.56.

Lithium Americas Stock Performance

The firm has a 50 day moving average price of $2.46 and a 200 day moving average price of $3.61.

Lithium Americas (NYSE:LAC) last posted its quarterly earnings data 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). As a group, analysts forecast that Lithium Americas Corp. will post -0.09 EPS for the current year.

Institutional Investors Weigh In On Lithium Americas

Large investors have recently made changes to their positions in the stock. Banque Cantonale Vaudoise acquired a new position in Lithium Americas during the first quarter worth $25,000. Mather Group LLC. purchased a new position in Lithium Americas in the first quarter valued at approximately $26,000. Fairscale Capital LLC purchased a new position in shares of Lithium Americas in the 2nd quarter valued at $27,000. AE Wealth Management LLC purchased a new stake in shares of Lithium Americas in the 2nd quarter valued at about $27,000. Finally, Evergreen Capital Management LLC acquired a new stake in shares of Lithium Americas in the second quarter valued at approximately $27,000.

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.