Lithium Americas (NYSE:LAC) Stock Price Up 3.5% – Should You Buy?

Lithium Americas Corp. (NYSE:LAC) shares traded up 3.5% during trading on Friday . The stock traded as high as $3.62 and last traded at $3.53. 4,192,555 shares were traded during mid-day trading, a decline of 12% from the average session volume of 4,740,640 shares. The stock had previously closed at $3.41.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Scotiabank dropped their price target on Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating on the stock in a research note on Friday, October 18th. Piper Sandler assumed coverage on Lithium Americas in a research report on Monday, July 29th. They set a “neutral” rating and a $3.90 target price on the stock. B. Riley reduced their price target on shares of Lithium Americas from $4.50 to $4.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Deutsche Bank Aktiengesellschaft lowered their price objective 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, National Bank Financial raised shares of Lithium Americas from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 17th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $5.50.

Lithium Americas Price Performance

The company’s 50 day simple moving average is $2.65 and its 200 day simple moving average is $3.25.

Lithium Americas (NYSE:LAC) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). As a group, equities research analysts forecast that Lithium Americas Corp. will post -0.09 earnings per share for the current year.

Institutional Investors Weigh In On Lithium Americas

A number of hedge funds have recently made changes to their positions in LAC. Marshall Wace LLP bought a new position in Lithium Americas during the second quarter valued at about $10,252,000. Van ECK Associates Corp grew its position in shares of Lithium Americas by 69.8% during 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 period. Point72 Asset Management L.P. increased its stake in shares of Lithium Americas by 580.1% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,857,193 shares of the company’s stock worth $4,977,000 after purchasing an additional 1,584,123 shares during the last quarter. Teamwork Financial Advisors LLC increased its stake in shares of Lithium Americas by 2,274.3% during the 3rd 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 bought a new stake in shares of Lithium Americas in the 2nd quarter worth approximately $858,000.

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.