Lithium Americas (NYSE:LAC) Upgraded to “Hold” at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Lithium Americas (NYSE:LAC) to a hold rating in a research report sent to investors on Wednesday morning,Zacks.com reports.

A number of other analysts have also recently issued reports on the company. Wall Street Zen raised Lithium Americas from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lithium Americas in a research report on Monday, April 27th. Wedbush initiated coverage on Lithium Americas in a research note on Monday, April 20th. They set a “neutral” rating and a $8.00 price target for the company. Scotia reduced their price target on Lithium Americas from $5.00 to $4.50 and set a “sector perform” rating for the company in a report on Monday, May 25th. Finally, Scotiabank lowered their price target on Lithium Americas from $7.00 to $5.00 and set a “sector perform” rating for the company in a research note on Monday, April 6th. Two investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $5.44.

Lithium Americas Trading Down 1.7%

Lithium Americas stock opened at $3.77 on Wednesday. Lithium Americas has a 12 month low of $2.47 and a 12 month high of $10.52. The company has a quick ratio of 7.36, a current ratio of 7.36 and a debt-to-equity ratio of 0.65. The stock has a market cap of $1.32 billion, a P/E ratio of -9.18 and a beta of 2.47. The company’s fifty day simple moving average is $4.80 and its 200-day simple moving average is $4.79.

Hedge Funds Weigh In On Lithium Americas

Several hedge funds have recently bought and sold shares of LAC. Van ECK Associates Corp lifted its position in shares of Lithium Americas by 20.8% in the fourth quarter. Van ECK Associates Corp now owns 17,495,908 shares of the company’s stock worth $76,282,000 after buying an additional 3,016,293 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Lithium Americas by 35.8% during the 4th quarter. Millennium Management LLC now owns 4,489,568 shares of the company’s stock valued at $19,575,000 after acquiring an additional 1,182,465 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Lithium Americas by 212.7% during the 4th quarter. Legal & General Group Plc now owns 3,062,306 shares of the company’s stock valued at $13,349,000 after acquiring an additional 2,082,891 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Lithium Americas by 1.7% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,755,404 shares of the company’s stock valued at $7,350,000 after acquiring an additional 45,941 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of Lithium Americas by 44.3% in the 3rd quarter. Invesco Ltd. now owns 2,405,568 shares of the company’s stock valued at $13,736,000 after acquiring an additional 739,007 shares in the last quarter.

About Lithium Americas

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.