Lithium Americas (NYSE:LAC) Stock Price Up 7.4% – What’s Next?

Lithium Americas Corp. (NYSE:LAC)’s share price shot up 7.4% on Friday . The stock traded as high as $3.20 and last traded at $3.19. 2,362,260 shares changed hands during trading, a decline of 79% from the average daily volume of 11,343,789 shares. The stock had previously closed at $2.97.

Analysts Set New Price Targets

A number of research analysts have recently commented on LAC shares. BMO Capital Markets lowered their price target on Lithium Americas from $4.50 to $4.00 and set a “market perform” rating on the stock in a report on Friday, August 14th. Scotia reduced their price objective on shares of Lithium Americas from $5.00 to $4.50 and set a “sector perform” rating for the company in a report on Monday, May 25th. Wall Street Zen upgraded shares of Lithium Americas from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 15th. The Goldman Sachs Group initiated coverage on shares of Lithium Americas in a report on Wednesday, July 1st. They issued a “neutral” rating and a $4.50 price objective for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Lithium Americas in a report on Friday, July 24th. Two equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $5.33.

Lithium Americas Stock Up 6.7%

The stock has a market capitalization of $1.11 billion, a P/E ratio of -8.57 and a beta of 2.57. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.47 and a quick ratio of 5.47. The stock’s fifty day moving average is $3.44 and its two-hundred day moving average is $4.26.

Lithium Americas (NYSE:LAC) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.02. As a group, research analysts predict that Lithium Americas Corp. will post -0.11 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lithium Americas

Hedge funds have recently modified their holdings of the stock. Main Street Group LTD purchased a new position in Lithium Americas in the 1st quarter worth about $26,000. Steward Partners Investment Advisory LLC raised its holdings in shares of Lithium Americas by 149.2% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 5,930 shares of the company’s stock valued at $26,000 after acquiring an additional 3,550 shares during the period. IFP Advisors Inc raised its holdings in shares of Lithium Americas by 1,253.3% during the fourth quarter. IFP Advisors Inc now owns 6,496 shares of the company’s stock valued at $28,000 after acquiring an additional 6,016 shares during the period. Quarry LP purchased a new stake in shares of Lithium Americas in the 3rd quarter valued at approximately $28,000. Finally, Walleye Capital LLC acquired a new position in Lithium Americas in the 2nd quarter worth approximately $28,000.

Lithium Americas Company Profile

Lithium Americas Corp. is a Vancouver‐based resource company focused on the development of lithium projects to support the global transition to electric vehicles and renewable energy storage. The company specializes in advancing lithium brine and claystone assets through feasibility studies, environmental permitting and engineering design. Its technical teams work to produce high‐purity lithium chemicals, including lithium carbonate and lithium hydroxide, for battery manufacturers worldwide.

Lithium Americas’ two flagship projects are the Cauchari‐Olaroz lithium brine operation in Jujuy Province, Argentina—developed in partnership with Ganfeng Lithium—and the Thacker Pass lithium clay deposit in northern Nevada, United States.