Lithium Americas (NYSE:LAC) Trading 2.1% Higher – Here’s What Happened

Shares of Lithium Americas Corp. (NYSE:LAC) rose 2.1% during mid-day trading on Thursday . The company traded as high as $3.65 and last traded at $3.36. Approximately 14,072,747 shares changed hands during trading, an increase of 217% from the average daily volume of 4,438,659 shares. The stock had previously closed at $3.29.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on LAC shares. B. Riley cut their target price on shares of Lithium Americas from $4.50 to $4.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. National Bank Financial upgraded Lithium Americas from a “sector perform” rating to an “outperform” rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft dropped their target price on Lithium Americas from $3.00 to $2.50 and set a “hold” rating for the company in a research report on Friday, August 16th. Scotiabank reduced their price target on Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating on the stock in a report on Friday. Finally, Piper Sandler started coverage on shares of Lithium Americas in a report on Monday, July 29th. They set a “neutral” rating and a $3.90 target price on the stock. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $5.50.

Lithium Americas Trading Down 3.1 %

The firm’s fifty day simple moving average is $2.55 and its 200-day simple moving average is $3.37.

Lithium Americas (NYSE:LAC) last announced its earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). On average, sell-side analysts forecast that Lithium Americas Corp. will post -0.09 earnings per share for the current year.

Hedge Funds Weigh In On Lithium Americas

Hedge funds and other institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC purchased a new position in shares of Lithium Americas during the 2nd quarter worth approximately $520,000. Marshall Wace LLP purchased a new stake in Lithium Americas in the second quarter worth $10,252,000. Virtu Financial LLC bought a new position in Lithium Americas in the fourth quarter worth $217,000. Merewether Investment Management LP purchased a new position in Lithium Americas during the second quarter valued at $858,000. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Lithium Americas by 8.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 242,074 shares of the company’s stock valued at $1,627,000 after buying an additional 18,388 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.