Lithium Americas (NYSE:LAC) Shares Up 7.9% - Here's What Happened

Lithium Americas Corp. (NYSE:LAC - Get Free Report)'s stock price shot up 7.9% during mid-day trading on Thursday . The company traded as high as $3.16 and last traded at $3.07. 2,741,838 shares changed hands during mid-day trading, a decline of 42% from the average session volume of 4,699,246 shares. The stock had previously closed at $2.84.

Analysts Set New Price Targets

A number of research firms have recently issued reports on LAC. B. Riley boosted their target price on Lithium Americas from $4.50 to $5.00 and gave the company a "buy" rating in a report on Tuesday, November 12th. Piper Sandler dropped their target price on Lithium Americas from $3.90 to $3.50 and set a "neutral" rating on the stock in a report on Tuesday, January 7th. Cormark raised Lithium Americas to a "moderate buy" rating in a report on Friday, January 17th. Finally, Wedbush began coverage on Lithium Americas in a report on Thursday, December 19th. They set a "neutral" rating and a $5.00 price objective on the stock. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Lithium Americas has an average rating of "Hold" and a consensus price target of $5.51.

Lithium Americas Price Performance

The stock has a 50-day simple moving average of $3.06 and a 200 day simple moving average of $3.13. The company has a market capitalization of $630.06 million, a PE ratio of -23.79 and a beta of 1.77.

Institutional Trading of Lithium Americas

A number of institutional investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Lithium Americas by 8.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,254,848 shares of the company's stock worth $9,732,000 after purchasing an additional 240,418 shares in the last quarter. Quinn Opportunity Partners LLC boosted its position in Lithium Americas by 1,132.5% during the fourth quarter. Quinn Opportunity Partners LLC now owns 811,632 shares of the company's stock worth $2,411,000 after purchasing an additional 745,777 shares in the last quarter. HITE Hedge Asset Management LLC lifted its position in shares of Lithium Americas by 150.9% in the fourth quarter. HITE Hedge Asset Management LLC now owns 731,473 shares of the company's stock valued at $2,172,000 after acquiring an additional 439,974 shares in the last quarter. Teamwork Financial Advisors LLC lifted its position in shares of Lithium Americas by 79.2% in the fourth quarter. Teamwork Financial Advisors LLC now owns 714,381 shares of the company's stock valued at $2,122,000 after acquiring an additional 315,621 shares in the last quarter. Finally, Decade Renewable Partners LP purchased a new stake in shares of Lithium Americas in the fourth quarter valued at $1,331,000.

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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.