Lithium Americas (NYSE:LAC) Stock Price Up 23.4% Following Analyst Upgrade

Shares of Lithium Americas Corp. (NYSE:LAC) rose 23.4% on Wednesday after Wedbush raised their price target on the stock from $5.00 to $8.00. Wedbush currently has a neutral rating on the stock. Lithium Americas traded as high as $7.55 and last traded at $7.05. Approximately 213,669,066 shares traded hands during trading, an increase of 1,885% from the average daily volume of 10,763,228 shares. The stock had previously closed at $5.71.

Several other research firms have also weighed in on LAC. Cowen lowered Lithium Americas from a “buy” rating to a “hold” rating in a research report on Wednesday, September 24th. TD Cowen reissued a “hold” rating and set a $5.00 price objective on shares of Lithium Americas in a research report on Thursday, September 25th. Jefferies Financial Group dropped their target price on shares of Lithium Americas from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, September 24th. TD Securities lowered shares of Lithium Americas from a “buy” rating to a “hold” rating and set a $5.00 price target for the company. in a research note on Thursday, September 25th. Finally, Cormark raised shares of Lithium Americas to a “moderate buy” rating in a research report on Wednesday, August 20th. Three investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Lithium Americas presently has a consensus rating of “Hold” and a consensus price target of $5.09.

Hedge Funds Weigh In On Lithium Americas

Hedge funds have recently bought and sold shares of the company. Bank of Montreal Can increased its stake in Lithium Americas by 3,173.0% during the 2nd quarter. Bank of Montreal Can now owns 846,998 shares of the company’s stock valued at $2,266,000 after purchasing an additional 821,120 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Lithium Americas by 38.0% in the second quarter. Invesco Ltd. now owns 1,666,561 shares of the company’s stock worth $4,466,000 after buying an additional 459,252 shares in the last quarter. Balyasny Asset Management L.P. purchased a new stake in shares of Lithium Americas during the second quarter valued at approximately $1,057,000. Goldman Sachs Group Inc. increased its position in shares of Lithium Americas by 44.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,046,556 shares of the company’s stock valued at $2,836,000 after acquiring an additional 324,518 shares in the last quarter. Finally, Decade Renewable Partners LP raised its stake in shares of Lithium Americas by 51.7% in the first quarter. Decade Renewable Partners LP now owns 680,100 shares of the company’s stock worth $1,843,000 after purchasing an additional 231,900 shares during the last quarter.

Lithium Americas Stock Up 23.4%

The stock has a market cap of $1.70 billion, a PE ratio of -30.63 and a beta of 1.38. The company has a debt-to-equity ratio of 0.33, a current ratio of 9.88 and a quick ratio of 9.88. The company has a 50 day moving average price of $3.31 and a two-hundred day moving average price of $2.98.

Lithium Americas (NYSE:LAC) last released its quarterly earnings data on Thursday, August 14th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.02). Analysts expect that Lithium Americas Corp. will post -0.12 EPS for the current year.

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.