Lithium Americas (NYSE:LAC) Shares Gap Up – Still a Buy?

Lithium Americas Corp. (NYSE:LAC) shares gapped up before the market opened on Friday . The stock had previously closed at $2.96, but opened at $3.02. Lithium Americas shares last traded at $2.94, with a volume of 370,733 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Piper Sandler reduced their price target on shares of Lithium Americas from $3.90 to $3.50 and set a “neutral” rating for the company in a research report on Tuesday, January 7th. Cormark upgraded shares of Lithium Americas to a “moderate buy” rating in a research report on Friday, January 17th. Finally, Wedbush began 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 for the company. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $4.80.

Lithium Americas Stock Performance

The firm’s 50 day moving average is $3.02 and its 200-day moving average is $3.14. The company has a market cap of $658.52 million, a PE ratio of -24.79 and a beta of 1.77.

Institutional Trading of Lithium Americas

Several hedge funds have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Lithium Americas by 8.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,254,848 shares of the company’s stock valued at $9,732,000 after buying an additional 240,418 shares during the period. Quinn Opportunity Partners LLC grew its stake in shares of Lithium Americas by 1,132.5% in the 4th quarter. Quinn Opportunity Partners LLC now owns 811,632 shares of the company’s stock valued at $2,411,000 after buying an additional 745,777 shares during the period. HITE Hedge Asset Management LLC grew its stake in shares of Lithium Americas by 150.9% in the 4th quarter. HITE Hedge Asset Management LLC now owns 731,473 shares of the company’s stock valued at $2,172,000 after buying an additional 439,974 shares during the period. Teamwork Financial Advisors LLC grew its stake in shares of Lithium Americas by 79.2% in the 4th quarter. Teamwork Financial Advisors LLC now owns 714,381 shares of the company’s stock valued at $2,122,000 after buying an additional 315,621 shares during the period. Finally, Decade Renewable Partners LP purchased a new stake in shares of Lithium Americas in the 4th quarter valued at approximately $1,331,000.

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.