Lithium Americas (NYSE:LAC) Trading 3.5% Higher - Here's Why

Lithium Americas Corp. (NYSE:LAC - Get Free Report)'s stock price shot up 3.5% during trading on Friday . The company traded as high as $3.62 and last traded at $3.53. 4,192,555 shares traded hands during mid-day trading, a decline of 12% from the average session volume of 4,740,640 shares. The stock had previously closed at $3.41.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Scotiabank reduced their target price on 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. Deutsche Bank Aktiengesellschaft decreased their target price 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. Piper Sandler assumed coverage on shares of Lithium Americas in a research report on Monday, July 29th. They set a "neutral" rating and a $3.90 price target for the company. National Bank Financial raised shares of Lithium Americas from a "sector perform" rating to an "outperform" rating in a research note on Thursday, October 17th. Finally, BMO Capital Markets raised shares of Lithium Americas to a "hold" rating in a research note on Wednesday. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $5.50.

Lithium Americas Price Performance

The company's 50-day simple moving average is $2.65 and its 200-day simple moving average is $3.25.

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 (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.02). Equities research analysts forecast that Lithium Americas Corp. will post -0.09 EPS for the current fiscal year.

Institutional Investors Weigh In On Lithium Americas

Hedge funds and other institutional investors have recently bought and sold shares of the business. Marshall Wace LLP bought a new position in shares of Lithium Americas during the second quarter worth about $10,252,000. Van ECK Associates Corp lifted its holdings in Lithium Americas by 69.8% during the 2nd quarter. Van ECK Associates Corp now owns 3,953,127 shares of the company's stock worth $10,591,000 after buying an additional 1,625,149 shares during the last quarter. Point72 Asset Management L.P. grew its position 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 worth $4,977,000 after acquiring an additional 1,584,123 shares in the last quarter. Teamwork Financial Advisors LLC increased its holdings 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 acquiring an additional 381,965 shares during the last quarter. Finally, Merewether Investment Management LP acquired a new stake in shares of Lithium Americas during the 2nd quarter valued at approximately $858,000.

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.