Lithium Americas (NYSE:LAC) Trading 1% Higher Following Strong Earnings

Lithium Americas Corp. (NYSE:LAC)’s stock price traded up 1% on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $4.28 and last traded at $4.24. 2,051,683 shares were traded during trading, a decline of 61% from the average session volume of 5,196,014 shares. The stock had previously closed at $4.20.

The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.02.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on LAC. National Bank Financial upgraded Lithium Americas from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 17th. 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. BMO Capital Markets upgraded shares of Lithium Americas to a “hold” rating in a research report on Wednesday, October 23rd. B. Riley reduced their price target on Lithium Americas from $4.50 to $4.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Finally, Piper Sandler started coverage on Lithium Americas in a report on Monday, July 29th. They issued a “neutral” rating and a $3.90 price objective for the company. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $5.50.

Institutional Investors Weigh In On Lithium Americas

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fairscale Capital LLC acquired a new position in shares of Lithium Americas during the 2nd quarter worth $27,000. AE Wealth Management LLC bought a new position in Lithium Americas in the second quarter valued at about $27,000. Evergreen Capital Management LLC acquired a new position in Lithium Americas during the second quarter worth about $27,000. Quent Capital LLC lifted its holdings in shares of Lithium Americas by 100.0% in the third quarter. Quent Capital LLC now owns 10,000 shares of the company’s stock worth $27,000 after acquiring an additional 5,000 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in shares of Lithium Americas in the 2nd quarter valued at approximately $30,000.

Lithium Americas Stock Down 5.5 %

The business’s 50 day moving average price is $2.90 and its two-hundred day moving average price is $3.10.

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.