Lithium Americas (NYSE:LAC) Trading 2.7% Higher – Here’s Why

Shares of Lithium Americas Corp. (NYSE:LAC) rose 2.7% during mid-day trading on Tuesday . The stock traded as high as $3.11 and last traded at $3.09. Approximately 2,868,227 shares were traded during mid-day trading, a decline of 38% from the average daily volume of 4,613,008 shares. The stock had previously closed at $3.01.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft cut their price target 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. Scotiabank dropped their price objective on Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating for the company in a research note on Friday. Piper Sandler started coverage on shares of Lithium Americas in a report on Monday, July 29th. They set a “neutral” rating and a $3.90 price objective for the company. National Bank Financial raised shares of Lithium Americas from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 17th. Finally, B. Riley cut their target price on shares of Lithium Americas from $4.50 to $4.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Lithium Americas has a consensus rating of “Moderate Buy” and an average target price of $5.50.

Lithium Americas Stock Performance

The company has a 50 day simple moving average of $2.57 and a two-hundred day simple moving average of $3.29.

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

Hedge Funds Weigh In On Lithium Americas

Institutional investors have recently modified their holdings of the stock. Signaturefd LLC grew its stake in Lithium Americas by 1,450.5% during the 3rd quarter. Signaturefd LLC now owns 30,995 shares of the company’s stock worth $84,000 after buying an additional 28,996 shares during the last quarter. Koss Olinger Consulting LLC raised its stake in Lithium Americas by 41.8% in the 3rd quarter. Koss Olinger Consulting LLC now owns 129,211 shares of the company’s stock worth $349,000 after acquiring an additional 38,062 shares during the last quarter. Teamwork Financial Advisors LLC increased its holdings in shares of Lithium Americas by 2,274.3% in the third quarter. Teamwork Financial Advisors LLC now owns 398,760 shares of the company’s stock valued at $1,077,000 after purchasing an additional 381,965 shares during the period. Vontobel Holding Ltd. raised its stake in shares of Lithium Americas by 37.1% in the third quarter. Vontobel Holding Ltd. now owns 21,926 shares of the company’s stock worth $59,000 after purchasing an additional 5,930 shares during the last quarter. Finally, Creative Planning boosted its position in Lithium Americas by 21.8% in the third quarter. Creative Planning now owns 33,276 shares of the company’s stock valued at $90,000 after buying an additional 5,945 shares during the last quarter.

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.