Lithium Americas (NYSE:LAC) Stock Price Up 1% Following Strong Earnings

Lithium Americas Corp. (NYSE:LAC) shot up 1% during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $4.28 and last traded at $4.24. 2,051,683 shares traded hands during trading, a decline of 61% from the average session volume of 5,196,014 shares. The stock had previously closed at $4.20.

The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.03) by $0.02.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on LAC. BMO Capital Markets raised shares of Lithium Americas to a “hold” rating in a research note on Wednesday, October 23rd. National Bank Financial upgraded Lithium Americas from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 17th. Scotiabank dropped their price objective on Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating on the stock in a research note on Friday, October 18th. Deutsche Bank Aktiengesellschaft decreased their target price on Lithium Americas from $3.00 to $2.50 and set a “hold” rating for the company in a research note on Friday, August 16th. Finally, B. Riley cut their price target on Lithium Americas from $4.50 to $4.00 and set a “buy” rating on the stock in a report on Friday, August 16th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Lithium Americas currently has a consensus rating of “Hold” and an average target price of $5.50.

Institutional Investors Weigh In On Lithium Americas

Several hedge funds and other institutional investors have recently made changes to their positions in LAC. BNP Paribas Financial Markets acquired a new position in Lithium Americas during the 1st quarter valued at about $202,000. SG Americas Securities LLC purchased a new position in shares of Lithium Americas during the first quarter valued at approximately $69,000. Headlands Technologies LLC grew its holdings in Lithium Americas by 2,332.3% during the first quarter. Headlands Technologies LLC now owns 7,686 shares of the company’s stock worth $52,000 after buying an additional 7,370 shares in the last quarter. Fortis Capital Advisors LLC purchased a new stake in Lithium Americas in the 1st quarter valued at $216,000. Finally, SageView Advisory Group LLC purchased a new stake in Lithium Americas in the 1st quarter valued at $190,000.

Lithium Americas Stock Performance

The firm has a 50 day simple moving average of $2.90 and a two-hundred day simple moving average of $3.10.

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.