Lithium Americas (NYSE:LAC) Trading Up 0.5% – Still a Buy?

Shares of Lithium Americas Corp. (NYSE:LAC) shot up 0.5% during mid-day trading on Monday . The company traded as high as $3.76 and last traded at $3.74. 1,402,859 shares traded hands during trading, a decline of 74% from the average session volume of 5,405,691 shares. The stock had previously closed at $3.72.

Analysts Set New Price Targets

A number of brokerages have issued reports on LAC. Scotiabank decreased their price objective on Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating on the stock in a research report on Friday, October 18th. Piper Sandler started coverage on Lithium Americas in a research note on Monday, July 29th. They issued a “neutral” rating and a $3.90 price objective on the stock. Deutsche Bank Aktiengesellschaft dropped their price objective on Lithium Americas from $3.00 to $2.50 and set a “hold” rating on the stock in a research note on Friday, August 16th. BMO Capital Markets raised Lithium Americas to a “hold” rating in a research note on Wednesday, October 23rd. Finally, National Bank Financial raised Lithium Americas from a “sector perform” rating to an “outperform” rating in a research report on Thursday, October 17th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $5.63.

Lithium Americas Trading Down 2.4 %

The stock has a market cap of $801.09 million and a price-to-earnings ratio of -31.08. The stock has a 50-day moving average price of $3.13 and a two-hundred day moving average price of $3.06.

Hedge Funds Weigh In On Lithium Americas

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp raised its stake in Lithium Americas by 69.8% in the 2nd quarter. Van ECK Associates Corp now owns 3,953,127 shares of the company’s stock worth $10,591,000 after acquiring an additional 1,625,149 shares during the last quarter. Marshall Wace LLP purchased a new position in Lithium Americas in the 2nd quarter worth $10,252,000. Point72 Asset Management L.P. raised its stake in Lithium Americas by 580.1% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,857,193 shares of the company’s stock worth $4,977,000 after acquiring an additional 1,584,123 shares during the last quarter. Teamwork Financial Advisors LLC raised its stake in Lithium Americas by 2,274.3% in the 3rd quarter. Teamwork Financial Advisors LLC now owns 398,760 shares of the company’s stock worth $1,077,000 after acquiring an additional 381,965 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in Lithium Americas by 41.2% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 373,380 shares of the company’s stock worth $1,008,000 after acquiring an additional 108,993 shares during the last quarter.

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.