Lithium Americas (NYSE:LAC) Shares Gap Up – Time to Buy?

Lithium Americas Corp. (NYSE:LAC) shares gapped up before the market opened on Tuesday . The stock had previously closed at $3.41, but opened at $3.55. Lithium Americas shares last traded at $3.57, with a volume of 1,712,507 shares.

Analyst Ratings Changes

A number of research analysts have recently weighed in on LAC shares. BMO Capital Markets upgraded shares of Lithium Americas to a “hold” rating in a report on Wednesday, October 23rd. Scotiabank reduced their price target on Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating for the company in a research report on Friday, October 18th. National Bank Financial raised Lithium Americas from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 17th. Piper Sandler decreased their target price on Lithium Americas from $3.90 to $3.50 and set a “neutral” rating for the company in a research report on Tuesday. Finally, B. Riley raised their target price on shares of Lithium Americas from $4.50 to $5.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $5.51.

Lithium Americas Stock Up 2.1 %

The company’s fifty day moving average price is $3.63 and its two-hundred day moving average price is $3.00. The company has a market cap of $767.98 million, a price-to-earnings ratio of -29.00 and a beta of 1.67.

Institutional Investors Weigh In On Lithium Americas

Several hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC acquired a new stake in Lithium Americas during the 2nd quarter worth $520,000. Marshall Wace LLP bought a new stake in Lithium Americas during the 2nd quarter worth approximately $10,252,000. Merewether Investment Management LP acquired a new stake in Lithium Americas during the 2nd quarter worth approximately $858,000. Point72 Asset Management L.P. lifted 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 valued at $4,977,000 after buying an additional 1,584,123 shares in the last quarter. Finally, Teamwork Financial Advisors LLC raised its holdings in shares of Lithium Americas by 2,274.3% during the third quarter. Teamwork Financial Advisors LLC now owns 398,760 shares of the company’s stock worth $1,077,000 after acquiring an additional 381,965 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.