Lithium Americas (NYSE:LAC) Trading 3.9% Higher – Here’s What Happened

Lithium Americas Corp. (NYSE:LAC)’s stock price was up 3.9% on Tuesday . The stock traded as high as $3.81 and last traded at $3.76. Approximately 2,712,092 shares traded hands during trading, a decline of 50% from the average daily volume of 5,408,240 shares. The stock had previously closed at $3.62.

Wall Street Analyst Weigh In

LAC has been the subject of a number of recent research reports. Piper Sandler initiated coverage on Lithium Americas in a research note on Monday, July 29th. They issued a “neutral” rating and a $3.90 target price for the company. BMO Capital Markets raised shares of Lithium Americas to a “hold” rating in a report on Wednesday, October 23rd. Scotiabank decreased their target price on shares of 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. B. Riley increased their price target on shares of Lithium Americas from $4.50 to $5.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on Lithium Americas from $3.00 to $2.50 and set a “hold” rating on the stock in a report on Friday, August 16th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $5.63.

Lithium Americas Price Performance

The company has a market cap of $806.59 million and a P/E ratio of -30.46. The business’s 50 day moving average price is $3.21 and its 200-day moving average price is $3.06.

Hedge Funds Weigh In On Lithium Americas

Several institutional investors have recently bought and sold shares of the business. Van ECK Associates Corp lifted its position in shares of Lithium Americas by 69.8% during the second quarter. Van ECK Associates Corp now owns 3,953,127 shares of the company’s stock worth $10,591,000 after purchasing an additional 1,625,149 shares in the last quarter. Marshall Wace LLP acquired a new position in Lithium Americas during the 2nd quarter worth $10,252,000. Point72 Asset Management L.P. boosted its position 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 valued at $4,977,000 after buying an additional 1,584,123 shares during the last quarter. Teamwork Financial Advisors LLC increased its stake in shares of Lithium Americas by 2,274.3% in the 3rd quarter. Teamwork Financial Advisors LLC now owns 398,760 shares of the company’s stock valued at $1,077,000 after buying an additional 381,965 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Lithium Americas by 41.2% during the third 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.

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.