Lithium Americas (NYSE:LAC) Sees Strong Trading Volume After Analyst Upgrade

Shares of Lithium Americas Corp. (NYSE:LAC) saw strong trading volume on Thursday after BMO Capital Markets raised their price target on the stock from $3.50 to $5.00. BMO Capital Markets currently has a market perform rating on the stock. 22,406,353 shares were traded during trading, an increase of 107% from the previous session’s volume of 10,835,202 shares.The stock last traded at $6.99 and had previously closed at $7.04.

Other equities analysts have also issued reports about the company. TD Securities lowered Lithium Americas from a “buy” rating to a “hold” rating and set a $5.00 target price for the company. in a report on Thursday, September 25th. Cowen downgraded Lithium Americas from a “buy” rating to a “hold” rating in a research note on Wednesday, September 24th. Jefferies Financial Group cut their target price on Lithium Americas from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, September 24th. TD Cowen reissued a “hold” rating and set a $5.00 price target on shares of Lithium Americas in a report on Thursday, September 25th. Finally, Cormark raised shares of Lithium Americas to a “moderate buy” rating in a report on Wednesday, August 20th. Three investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $5.08.

Hedge Funds Weigh In On Lithium Americas

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

Lithium Americas Price Performance

The stock has a 50-day moving average of $3.38 and a two-hundred day moving average of $3.01. The firm has a market cap of $1.66 billion, a price-to-earnings ratio of -29.80 and a beta of 1.43. The company has a current ratio of 9.88, a quick ratio of 9.88 and a debt-to-equity ratio of 0.33.

Lithium Americas (NYSE:LAC) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.02). On average, analysts anticipate 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.