Lithium Americas (NYSE:LAC) Trading 6.9% Higher – Here’s What Happened

Lithium Americas Corp. (NYSE:LAC)’s stock price traded up 6.9% on Thursday . The company traded as high as $3.48 and last traded at $3.40. 4,848,134 shares were traded during mid-day trading, an increase of 3% from the average session volume of 4,703,313 shares. The stock had previously closed at $3.18.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft lowered their target price on Lithium Americas from $3.00 to $2.50 and set a “hold” rating for the company in a research note on Friday, August 16th. B. Riley decreased their price target on Lithium Americas from $4.50 to $4.00 and set a “buy” rating on the stock in a report on Friday, August 16th. National Bank Financial upgraded Lithium Americas from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 17th. BMO Capital Markets upgraded Lithium Americas to a “hold” rating in a report on Wednesday. Finally, Scotiabank decreased their price target on Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating on the stock in a report on Friday, October 18th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Lithium Americas currently has an average rating of “Hold” and an average price target of $5.50.

Lithium Americas Trading Up 7.9 %

The stock has a fifty day simple moving average of $2.65 and a 200-day simple moving average of $3.25.

Lithium Americas (NYSE:LAC) last issued its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). On average, sell-side analysts expect that Lithium Americas Corp. will post -0.09 EPS for the current year.

Hedge Funds Weigh In On Lithium Americas

Several institutional investors have recently modified their holdings of LAC. Marshall Wace LLP bought a new position in shares of Lithium Americas during the 2nd quarter valued at about $10,252,000. Van ECK Associates Corp lifted its holdings 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 purchasing an additional 1,625,149 shares in the last quarter. Point72 Asset Management L.P. lifted its holdings 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 valued at $4,977,000 after purchasing an additional 1,584,123 shares in the last quarter. Teamwork Financial Advisors LLC lifted its holdings 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 valued at $1,077,000 after purchasing an additional 381,965 shares in the last quarter. Finally, Merewether Investment Management LP bought a new position in shares of Lithium Americas during the 2nd quarter valued at about $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.