Lithium Americas (NYSE:LAC) Stock Price Up 3.9% – Here’s What Happened

Lithium Americas Corp. (NYSE:LAC) shot up 3.9% during mid-day trading on Tuesday . The stock traded as high as $3.81 and last traded at $3.76. 2,712,092 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 5,408,240 shares. The stock had previously closed at $3.62.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on LAC shares. National Bank Financial upgraded Lithium Americas from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 17th. Piper Sandler assumed coverage on Lithium Americas in a report on Monday, July 29th. They set a “neutral” rating and a $3.90 price objective on the stock. Scotiabank decreased their target price on shares of Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating for the company in a report on Friday, October 18th. B. Riley boosted their price target 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. Finally, BMO Capital Markets upgraded shares of Lithium Americas to a “hold” rating in a research report on Wednesday, October 23rd. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Lithium Americas presently has an average rating of “Hold” and an average target price of $5.63.

Lithium Americas Price Performance

The firm has a market capitalization of $806.59 million and a price-to-earnings ratio of -30.46. The stock’s 50 day moving average price is $3.21 and its two-hundred day moving average price is $3.06.

Hedge Funds Weigh In On Lithium Americas

Institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets bought a new position in Lithium Americas in the 1st quarter worth approximately $202,000. SG Americas Securities LLC acquired a new position in Lithium Americas during the 1st quarter valued at $69,000. Toronto Dominion Bank grew its position in Lithium Americas by 327.7% in the 1st quarter. Toronto Dominion Bank now owns 21,862 shares of the company’s stock worth $147,000 after purchasing an additional 16,751 shares during the last quarter. Tidal Investments LLC increased its holdings in shares of Lithium Americas by 51.9% during the 1st quarter. Tidal Investments LLC now owns 253,303 shares of the company’s stock worth $1,705,000 after purchasing an additional 86,570 shares during the period. Finally, Virtu Financial LLC raised its position in shares of Lithium Americas by 83.4% during the first quarter. Virtu Financial LLC now owns 62,252 shares of the company’s stock valued at $418,000 after buying an additional 28,305 shares during 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.