Lithium Americas (NYSE:LAC) Shares Gap Up – Should You Buy?

Shares of Lithium Americas Corp. (NYSE:LAC) gapped up before the market opened on Wednesday . The stock had previously closed at $2.67, but opened at $3.12. Lithium Americas shares last traded at $2.87, with a volume of 9,790,106 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have commented on LAC. National Bank Financial upgraded shares of Lithium Americas from a “sector perform” rating to an “outperform” rating in a report on Thursday. Deutsche Bank Aktiengesellschaft lowered their target price on shares of 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 reduced their price target on Lithium Americas from $5.50 to $3.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 15th. B. Riley lowered their price objective on Lithium Americas from $4.50 to $4.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Finally, Piper Sandler initiated coverage on Lithium Americas in a research note on Monday, July 29th. They set a “neutral” rating and a $3.90 target price on the stock. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $5.56.

Lithium Americas Price Performance

The stock has a 50 day moving average of $2.53 and a 200-day moving average of $3.40.

Lithium Americas (NYSE:LAC) last released its earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). As a group, analysts forecast that Lithium Americas Corp. will post -0.09 earnings per share for the current fiscal year.

Institutional Trading of Lithium Americas

Large investors have recently made changes to their positions in the business. Renaissance Technologies LLC purchased a new position in shares of Lithium Americas during the second quarter worth $520,000. Marshall Wace LLP purchased a new position in shares of Lithium Americas during the 2nd quarter valued at about $10,252,000. Virtu Financial LLC acquired a new position in shares of Lithium Americas in the 4th quarter valued at about $217,000. Merewether Investment Management LP purchased a new stake in shares of Lithium Americas in the second quarter worth about $858,000. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in Lithium Americas by 8.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 242,074 shares of the company’s stock worth $1,627,000 after acquiring an additional 18,388 shares during the period.

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.