Lithium Americas (NYSE:LAC) Shares Gap Up – Here’s What Happened

Lithium Americas Corp. (NYSE:LAC)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $3.41, but opened at $3.55. Lithium Americas shares last traded at $3.57, with a volume of 1,712,507 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have commented on LAC. BMO Capital Markets upgraded Lithium Americas to a “hold” rating in a research report on Wednesday, October 23rd. National Bank Financial upgraded Lithium Americas from a “sector perform” rating to an “outperform” rating in a research report on Thursday, October 17th. Wedbush initiated coverage on shares of Lithium Americas in a research report on Thursday, December 19th. They set a “neutral” rating and a $5.00 target price on the stock. Scotiabank lowered 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 report on Friday, October 18th. Finally, B. Riley increased their price objective on shares of Lithium Americas from $4.50 to $5.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Seven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $5.51.

Lithium Americas Stock Performance

The stock’s 50-day moving average is $3.59 and its 200 day moving average is $3.00. The firm has a market cap of $726.05 million, a P/E ratio of -27.42 and a beta of 1.67.

Hedge Funds Weigh In On Lithium Americas

Several institutional investors have recently modified their holdings of LAC. Evergreen Capital Management LLC bought a new position in Lithium Americas in the second quarter valued at approximately $27,000. AE Wealth Management LLC bought a new stake in Lithium Americas in the 2nd quarter valued at $27,000. Fairscale Capital LLC acquired a new position in Lithium Americas in the 2nd quarter worth $27,000. Quent Capital LLC increased its holdings in Lithium Americas by 100.0% during the 3rd quarter. Quent Capital LLC now owns 10,000 shares of the company’s stock worth $27,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Wedbush Securities Inc. acquired a new stake in shares of Lithium Americas in the 2nd quarter valued at about $32,000.

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.