Lithium Americas (NYSE:LAC) Given New $4.00 Price Target at BMO Capital Markets

Lithium Americas (NYSE:LAC) had its price objective reduced by BMO Capital Markets from $4.50 to $4.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “market perform” rating on the stock. BMO Capital Markets’ price target suggests a potential upside of 17.13% from the stock’s previous close.

Other analysts also recently issued reports about the company. The Goldman Sachs Group started coverage on Lithium Americas in a research note on Wednesday, July 1st. They set a “neutral” rating and a $4.50 target price on the stock. Wall Street Zen downgraded Lithium Americas from a “sell” rating to a “strong sell” rating in a report on Saturday, August 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lithium Americas in a research report on Friday, July 24th. Scotia reduced their price objective on Lithium Americas from $5.00 to $4.50 and set a “sector perform” rating for the company in a report on Monday, May 25th. Finally, Wedbush started coverage on Lithium Americas in a research report on Monday, April 20th. They issued a “neutral” rating and a $8.00 target price for the company. Two research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $5.33.

Lithium Americas Trading Up 4.8%

Shares of NYSE LAC opened at $3.42 on Friday. The firm’s 50 day moving average price is $3.57 and its 200-day moving average price is $4.35. Lithium Americas has a 52-week low of $2.66 and a 52-week high of $10.52. The company has a debt-to-equity ratio of 0.65, a quick ratio of 7.36 and a current ratio of 7.36. The company has a market cap of $1.20 billion, a PE ratio of -8.33 and a beta of 2.57.

Lithium Americas (NYSE:LAC) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.02. On average, equities research analysts expect that Lithium Americas will post -0.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Lithium Americas

Several hedge funds and other institutional investors have recently modified their holdings of the company. Keebeck Wealth Management purchased a new position in shares of Lithium Americas in the 2nd quarter worth $38,000. Firetrail Investments PTY Ltd. bought a new position in Lithium Americas in the second quarter valued at about $17,542,000. Bank of New York Mellon Corp bought a new position in Lithium Americas in the second quarter valued at about $48,000. Teamwork Financial Advisors LLC boosted its position in Lithium Americas by 3.9% in the second quarter. Teamwork Financial Advisors LLC now owns 893,395 shares of the company’s stock worth $3,440,000 after purchasing an additional 33,475 shares during the last quarter. Finally, VectorGlobal IAG Inc. purchased a new position in Lithium Americas in the first quarter worth about $76,000.

Lithium Americas Company Profile

Lithium Americas Corp. is a Vancouver‐based resource company focused on the development of lithium projects to support the global transition to electric vehicles and renewable energy storage. The company specializes in advancing lithium brine and claystone assets through feasibility studies, environmental permitting and engineering design. Its technical teams work to produce high‐purity lithium chemicals, including lithium carbonate and lithium hydroxide, for battery manufacturers worldwide.

Lithium Americas’ two flagship projects are the Cauchari‐Olaroz lithium brine operation in Jujuy Province, Argentina—developed in partnership with Ganfeng Lithium—and the Thacker Pass lithium clay deposit in northern Nevada, United States.