Lithium Americas (NYSE:LAC) Shares Up 3.3% – Here’s What Happened

Lithium Americas Corp. (NYSE:LAC)’s stock price shot up 3.3% during mid-day trading on Thursday . The stock traded as high as $4.10 and last traded at $4.08. 2,195,465 shares were traded during mid-day trading, a decline of 58% from the average session volume of 5,247,797 shares. The stock had previously closed at $3.95.

Wall Street Analysts Forecast Growth

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

Lithium Americas Stock Down 4.2 %

The company has a market capitalization of $865.03 million and a PE ratio of -32.67. The stock has a 50-day moving average of $2.96 and a 200 day moving average of $3.10.

Lithium Americas (NYSE:LAC) last issued its quarterly earnings results on Tuesday, November 5th. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. Equities analysts forecast that Lithium Americas Corp. will post -0.09 EPS for the current fiscal year.

Institutional Trading of Lithium Americas

Institutional investors and hedge funds have recently modified their holdings of the business. Renaissance Technologies LLC purchased a new stake in Lithium Americas in the second quarter worth $520,000. Marshall Wace LLP purchased a new stake in Lithium Americas in the second quarter worth $10,252,000. Merewether Investment Management LP purchased a new stake in Lithium Americas in the second quarter worth $858,000. Point72 Asset Management L.P. increased its position 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 worth $4,977,000 after buying an additional 1,584,123 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new stake in Lithium Americas in the first quarter worth $202,000.

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.