Lithium Americas (NYSE:LAC) Shares Gap Up - Here's Why

Shares of Lithium Americas Corp. (NYSE:LAC - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $4.14, but opened at $4.54. Lithium Americas shares last traded at $5.09, with a volume of 18,183,997 shares trading hands.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. National Bank Financial upgraded Lithium Americas from a "sector perform" rating to an "outperform" rating in a research note on Thursday, October 17th. BMO Capital Markets upgraded Lithium Americas to a "hold" rating in a research note on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft decreased 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. B. Riley decreased their price target on Lithium Americas from $4.50 to $4.00 and set a "buy" rating for the company in a research note on Friday, August 16th. Finally, Scotiabank cut their price objective 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. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $5.50.

Lithium Americas Stock Performance

The company has a fifty day moving average of $2.68 and a two-hundred day moving average of $3.17.

Lithium Americas (NYSE:LAC - Get Free Report) last released its quarterly 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). Analysts predict that Lithium Americas Corp. will post -0.09 earnings per share for the current year.

Hedge Funds Weigh In On Lithium Americas

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LAC. Van ECK Associates Corp increased its stake in shares of Lithium Americas by 69.8% in the 2nd quarter. Van ECK Associates Corp now owns 3,953,127 shares of the company's stock valued at $10,591,000 after purchasing an additional 1,625,149 shares during the last quarter. Marshall Wace LLP bought a new position in shares of Lithium Americas in the 2nd quarter valued at $10,252,000. Point72 Asset Management L.P. increased its stake in shares of Lithium Americas by 580.1% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,857,193 shares of the company's stock valued at $4,977,000 after purchasing an additional 1,584,123 shares during the last quarter. Teamwork Financial Advisors LLC increased its stake in shares of Lithium Americas by 2,274.3% in the 3rd 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 last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in shares of Lithium Americas by 41.2% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 373,380 shares of the company's stock valued at $1,008,000 after purchasing an additional 108,993 shares during the last quarter.

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.