Lithium Americas (NYSE:LAC) Sees Large Volume Increase After Analyst Upgrade

Lithium Americas Corp. (NYSE:LAC) saw unusually-strong trading volume on Tuesday after B. Riley raised their price target on the stock from $4.50 to $5.00. B. Riley currently has a buy rating on the stock. Approximately 4,612,033 shares were traded during mid-day trading, a decline of 13% from the previous session’s volume of 5,325,384 shares.The stock last traded at $4.23 and had previously closed at $4.23.

LAC has been the subject of several other reports. BMO Capital Markets raised shares of Lithium Americas to a “hold” rating in a report on Wednesday, October 23rd. Piper Sandler assumed coverage on shares of Lithium Americas in a report on Monday, July 29th. They set a “neutral” rating and a $3.90 price objective for the company. Scotiabank cut their price objective on shares of Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating for the company in a report on Friday, October 18th. National Bank Financial raised shares of Lithium Americas from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 17th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Lithium Americas from $3.00 to $2.50 and set a “hold” rating for the company in a report on Friday, August 16th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Lithium Americas presently has a consensus rating of “Hold” and an average target price of $5.63.

Hedge Funds Weigh In On Lithium Americas

Large investors have recently made changes to their positions in the business. Renaissance Technologies LLC acquired a new stake in Lithium Americas in the 2nd quarter valued at about $520,000. Marshall Wace LLP bought a new position in Lithium Americas during the 2nd quarter worth approximately $10,252,000. Merewether Investment Management LP bought a new position in Lithium Americas during the 2nd quarter worth approximately $858,000. Point72 Asset Management L.P. lifted its stake in 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 in the last quarter. Finally, BNP Paribas Financial Markets acquired a new stake in shares of Lithium Americas in the first quarter valued at approximately $202,000.

Lithium Americas Stock Down 3.3 %

The company has a market capitalization of $902.54 million and a price-to-earnings ratio of -34.33. The stock’s fifty day moving average price is $2.99 and its 200-day moving average price is $3.08.

Lithium Americas (NYSE:LAC) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.02). Analysts anticipate that Lithium Americas Corp. will post -0.09 EPS for the current year.

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.