Lithium Americas (NYSE:LAC) Shares Gap Down to $6.63

Lithium Americas Corp. (NYSE:LAC)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $6.63, but opened at $4.84. Lithium Americas shares last traded at $4.80, with a volume of 11,375,919 shares trading hands.

Analysts Set New Price Targets

A number of brokerages recently issued reports on LAC. Evercore ISI dropped their target price on Lithium Americas from $13.00 to $9.00 and set an “outperform” rating on the stock in a research report on Friday, March 15th. JPMorgan Chase & Co. lifted their target price on Lithium Americas from $5.50 to $7.00 and gave the company a “neutral” rating in a research report on Monday, March 18th. HSBC dropped their target price on Lithium Americas from $6.50 to $5.10 and set a “hold” rating on the stock in a research report on Friday. Finally, Scotiabank lowered Lithium Americas from a “sector outperform” rating to a “sector perform” rating and dropped their target price for the company from $15.00 to $7.00 in a research report on Monday, March 18th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Lithium Americas has an average rating of “Moderate Buy” and an average target price of $12.18.

Lithium Americas Price Performance

The stock has a 50 day simple moving average of $5.77 and a two-hundred day simple moving average of $6.38.

Lithium Americas (NYSE:LAC) last posted its quarterly earnings results on Friday, March 15th. The company reported ($0.08) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.08). On average, equities research analysts predict that Lithium Americas Corp. will post -0.15 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in LAC. Banque Cantonale Vaudoise bought a new position in shares of Lithium Americas during the 1st quarter worth approximately $25,000. Mather Group LLC. bought a new position in shares of Lithium Americas during the 1st quarter worth approximately $26,000. PNC Financial Services Group Inc. boosted its stake in shares of Lithium Americas by 725.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 825 shares of the company’s stock worth $32,000 after acquiring an additional 725 shares during the period. Allworth Financial LP bought a new position in shares of Lithium Americas during the 4th quarter worth approximately $37,000. Finally, CWM LLC boosted its stake in shares of Lithium Americas by 140.6% during the 3rd quarter. CWM LLC now owns 2,327 shares of the company’s stock worth $40,000 after acquiring an additional 1,360 shares during the period.

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.