Lithium Americas (NYSE:LAC) Trading Up 3.5%

Lithium Americas Corp. (NYSE:LAC) shares rose 3.5% on Wednesday . The company traded as high as $2.36 and last traded at $2.35. Approximately 254,352 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 4,157,167 shares. The stock had previously closed at $2.27.

Analyst Ratings Changes

LAC has been the subject of several research reports. Piper Sandler initiated coverage on Lithium Americas in a report on Monday, July 29th. They set a “neutral” rating and a $3.90 price objective for the company. Deutsche Bank Aktiengesellschaft cut their price target on Lithium Americas from $3.00 to $2.50 and set a “hold” rating for the company in a research note on Friday, August 16th. Scotiabank lowered their price objective on shares of Lithium Americas from $5.50 to $3.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 15th. Eight Capital dropped their target price on shares of Lithium Americas from $13.50 to $10.00 and set a “buy” rating for the company in a report on Tuesday, May 14th. Finally, B. Riley reduced their price target on shares of Lithium Americas from $4.50 to $4.00 and set a “buy” rating on the stock in a report on Friday, August 16th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $6.61.

Lithium Americas Trading Down 1.9 %

The company’s 50 day simple moving average is $2.59 and its 200-day simple moving average is $4.02.

Lithium Americas (NYSE:LAC) last announced its quarterly earnings data 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). Sell-side 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

Several hedge funds have recently made changes to their positions in LAC. Point72 Asset Management L.P. lifted its position in Lithium Americas by 580.1% during 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. Northwestern Mutual Wealth Management Co. increased its stake in shares of Lithium Americas by 12.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 41,943 shares of the company’s stock valued at $112,000 after acquiring an additional 4,504 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Lithium Americas by 75.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 78,554 shares of the company’s stock worth $209,000 after acquiring an additional 33,900 shares during the period. Merewether Investment Management LP purchased a new position in shares of Lithium Americas during the 2nd quarter worth about $858,000. Finally, Toronto Dominion Bank boosted its position in shares of Lithium Americas by 150.1% in the second quarter. Toronto Dominion Bank now owns 54,687 shares of the company’s stock worth $147,000 after acquiring an additional 32,825 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.