Lithium Americas (NYSE:LAC) Trading 3.7% Higher on Analyst Upgrade

Lithium Americas Corp. (NYSE:LAC - Get Free Report)'s stock price shot up 3.7% during trading on Wednesday after B. Riley raised their price target on the stock from $4.50 to $5.00. B. Riley currently has a buy rating on the stock. Lithium Americas traded as high as $4.43 and last traded at $4.24. 5,563,292 shares were traded during mid-day trading, an increase of 4% from the average session volume of 5,353,698 shares. The stock had previously closed at $4.09.

Several other research firms have also recently weighed in on LAC. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Lithium Americas from $3.00 to $2.50 and set a "hold" rating on the stock in a research report on Friday, August 16th. National Bank Financial upgraded shares of Lithium Americas from a "sector perform" rating to an "outperform" rating in a research report on Thursday, October 17th. Piper Sandler initiated coverage on shares of Lithium Americas in a research report on Monday, July 29th. They set a "neutral" rating and a $3.90 price objective on the stock. Scotiabank lowered their price objective on shares of Lithium Americas from $3.00 to $2.50 and set a "sector perform" rating on the stock in a research report on Friday, October 18th. Finally, BMO Capital Markets upgraded shares of Lithium Americas to a "hold" rating in a research report on Wednesday, October 23rd. Six investment 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.com, the company presently has an average rating of "Hold" and a consensus target price of $5.63.

Hedge Funds Weigh In On Lithium Americas

Hedge funds and other institutional investors have recently modified their holdings of the company. Marshall Wace LLP purchased a new stake in Lithium Americas in the second quarter worth about $10,252,000. Van ECK Associates Corp grew its holdings in Lithium Americas by 69.8% in the second quarter. Van ECK Associates Corp now owns 3,953,127 shares of the company's stock worth $10,591,000 after purchasing an additional 1,625,149 shares during the period. Point72 Asset Management L.P. grew its holdings 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 worth $4,977,000 after purchasing an additional 1,584,123 shares during the period. Teamwork Financial Advisors LLC grew its holdings in Lithium Americas by 2,274.3% in the third quarter. Teamwork Financial Advisors LLC now owns 398,760 shares of the company's stock worth $1,077,000 after purchasing an additional 381,965 shares during the period. Finally, Merewether Investment Management LP purchased a new stake in Lithium Americas in the second quarter worth about $858,000.

Lithium Americas Stock Up 3.3 %

The firm has a market cap of $932.33 million and a PE ratio of -36.75. The stock's fifty day simple moving average is $3.03 and its two-hundred day simple moving average is $3.07.

Lithium Americas (NYSE:LAC - Get Free Report) last posted its quarterly 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). On average, equities research analysts anticipate that Lithium Americas Corp. will post -0.1 earnings per share for the current fiscal year.

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.