Wedbush Begins Coverage on Lithium Americas (NYSE:LAC)

Investment analysts at Wedbush started coverage on shares of Lithium Americas (NYSE:LAC) in a research report issued on Thursday, Marketbeat.com reports. The brokerage set a “neutral” rating and a $5.00 price target on the stock. Wedbush’s price objective suggests a potential upside of 70.65% from the stock’s current price.

Several other research analysts also recently commented on the stock. BMO Capital Markets raised shares of Lithium Americas to a “hold” rating in a report on Wednesday, October 23rd. Scotiabank dropped 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 note on Friday, October 18th. National Bank Financial upgraded shares of Lithium Americas from a “sector perform” rating to an “outperform” rating in a research report on Thursday, October 17th. Finally, B. Riley raised their price objective on Lithium Americas from $4.50 to $5.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Seven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $5.56.

Lithium Americas Price Performance

Shares of LAC opened at $2.93 on Thursday. Lithium Americas has a 1 year low of $2.02 and a 1 year high of $7.71. The company has a 50 day simple moving average of $3.65 and a two-hundred day simple moving average of $2.99. The firm has a market cap of $646.61 million and a P/E ratio of -24.42.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Renaissance Technologies LLC purchased a new position in Lithium Americas during the 2nd quarter valued at $520,000. Marshall Wace LLP purchased a new stake in shares of Lithium Americas during the second quarter valued at $10,252,000. Merewether Investment Management LP purchased a new stake in Lithium Americas in the 2nd quarter valued at about $858,000. Point72 Asset Management L.P. grew its stake in 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 purchasing an additional 1,584,123 shares in the last quarter. Finally, Teamwork Financial Advisors LLC grew its position in shares of Lithium Americas by 2,274.3% during the 3rd 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 in 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.