Lithium Americas Sees Unusually Large Options Volume (NYSE:LAC)

Lithium Americas Corp. (NYSE:LAC) saw unusually large options trading activity on Monday. Traders acquired 7,100 call options on the stock. This represents an increase of 80% compared to the average volume of 3,951 call options.

Lithium Americas Price Performance

LAC stock traded up $0.43 during mid-day trading on Monday, hitting $4.11. The stock had a trading volume of 17,036,781 shares, compared to its average volume of 4,850,739. The firm has a fifty day simple moving average of $2.65 and a 200 day simple moving average of $3.19. Lithium Americas has a 52 week low of $2.02 and a 52 week high of $7.86.

Lithium Americas (NYSE:LAC) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.02). On average, analysts anticipate that Lithium Americas will post -0.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lithium Americas

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

Analyst Ratings Changes

Several research firms have weighed in on LAC. National Bank Financial upgraded shares of Lithium Americas from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 17th. BMO Capital Markets upgraded shares of Lithium Americas to a “hold” rating in a report on Wednesday, October 23rd. Piper Sandler began coverage on shares of Lithium Americas in a research report on Monday, July 29th. They set a “neutral” rating and a $3.90 price objective for the company. Scotiabank lowered 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 research report on Friday, October 18th. Finally, B. Riley lowered their price objective on shares of Lithium Americas from $4.50 to $4.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Lithium Americas currently has an average rating of “Hold” and a consensus target price of $5.50.

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.