Lithium Americas (NYSE:LAC) Shares Up 7.1% - Still a Buy?

Lithium Americas Corp. (NYSE:LAC - Get Free Report)'s stock price shot up 7.1% during trading on Friday . The stock traded as high as $4.43 and last traded at $4.37. 4,512,257 shares changed hands during mid-day trading, a decline of 12% from the average session volume of 5,154,318 shares. The stock had previously closed at $4.08.

Wall Street Analyst Weigh In

Several research firms have commented on LAC. National Bank Financial upgraded shares of Lithium Americas from a "sector perform" rating to an "outperform" rating in a research note on Thursday, October 17th. Scotiabank decreased their price target on shares of Lithium Americas from $3.00 to $2.50 and set a "sector perform" rating for the company in a research note on Friday, October 18th. BMO Capital Markets upgraded shares of Lithium Americas to a "hold" rating in a research note on Wednesday, October 23rd. Piper Sandler began coverage on shares of Lithium Americas in a research note on Monday, July 29th. They set a "neutral" rating and a $3.90 price target for the company. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of Lithium Americas from $3.00 to $2.50 and set a "hold" rating for the company in a research note on Friday, August 16th. Six analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $5.50.

Lithium Americas Stock Up 4.8 %

The company's fifty day simple moving average is $2.78 and its 200 day simple moving average is $3.17.

Lithium Americas (NYSE:LAC - Get Free Report) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) earnings per share (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 -0.09 earnings per share for the current year.

Hedge Funds Weigh In On Lithium Americas

A number of hedge funds and other institutional investors have recently modified their holdings of LAC. Renaissance Technologies LLC purchased a new stake in Lithium Americas in the second quarter worth approximately $520,000. Marshall Wace LLP bought a new stake in shares of Lithium Americas in the 2nd quarter worth approximately $10,252,000. Merewether Investment Management LP purchased a new position in Lithium Americas during the 2nd quarter valued at $858,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of Lithium Americas by 8.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 242,074 shares of the company's stock worth $1,627,000 after purchasing an additional 18,388 shares during the period. Finally, Point72 Asset Management L.P. boosted its stake in shares of Lithium Americas by 580.1% during 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 in 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.