Lithium Americas (Argentina) (NYSE:LAAC) Shares Gap Up – Here’s Why

Lithium Americas (Argentina) Corp. (NYSE:LAAC)’s share price gapped up prior to trading on Friday . The stock had previously closed at $3.30, but opened at $3.40. Lithium Americas (Argentina) shares last traded at $3.39, with a volume of 286,842 shares changing hands.

Analysts Set New Price Targets

Several brokerages have recently weighed in on LAAC. Hsbc Global Res raised Lithium Americas (Argentina) to a “strong-buy” rating in a report on Wednesday, August 14th. Scotiabank reduced their target price on Lithium Americas (Argentina) from $8.00 to $4.25 and set a “sector outperform” rating for the company in a research report on Thursday, August 15th. Finally, HSBC raised shares of Lithium Americas (Argentina) from a “hold” rating to a “buy” rating in a report on Wednesday, August 14th. Four investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.05.

Lithium Americas (Argentina) Trading Up 2.4 %

The firm has a market capitalization of $547.32 million, a price-to-earnings ratio of 0.43 and a beta of 1.33. The stock has a fifty day moving average price of $3.35 and a 200-day moving average price of $3.28.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of LAAC. General Motors Holdings LLC acquired a new stake in shares of Lithium Americas (Argentina) in the 3rd quarter valued at $48,907,000. Vanguard Group Inc. lifted its holdings in Lithium Americas (Argentina) by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 3,560,536 shares of the company’s stock valued at $19,191,000 after purchasing an additional 21,456 shares during the last quarter. William Blair Investment Management LLC acquired a new position in Lithium Americas (Argentina) in the second quarter valued at about $10,465,000. Van ECK Associates Corp grew its stake in Lithium Americas (Argentina) by 16.3% during the third quarter. Van ECK Associates Corp now owns 3,041,365 shares of the company’s stock worth $10,615,000 after buying an additional 426,419 shares during the last quarter. Finally, M&G PLC increased its holdings in shares of Lithium Americas (Argentina) by 11.2% during the third quarter. M&G PLC now owns 1,530,176 shares of the company’s stock worth $4,591,000 after buying an additional 154,067 shares in the last quarter. 49.17% of the stock is currently owned by institutional investors and hedge funds.

Lithium Americas (Argentina) Company Profile

Lithium Americas (Argentina) Corp. operates as a resource company. The company explores for lithium deposits. The company owns interests in the Cauchari-Olaroz project located in Jujuy province of Argentina. It also has a pipeline of development and exploration stage projects, including the Pastos Grandes project and the Sal de la Puna project located in Salta Province in northwestern Argentina.