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

Shares of Lithium Americas Corp. (NYSE:LAC) gapped up before the market opened on Friday . The stock had previously closed at $2.96, but opened at $3.02. Lithium Americas shares last traded at $2.94, with a volume of 370,733 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Piper Sandler cut their price objective on shares of Lithium Americas from $3.90 to $3.50 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Wedbush assumed coverage on shares of Lithium Americas in a report on Thursday, December 19th. They issued a “neutral” rating and a $5.00 price target on the stock. Finally, Cormark raised shares of Lithium Americas to a “moderate buy” rating in a report on Friday, January 17th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $4.80.

Lithium Americas Price Performance

The stock has a market capitalization of $658.52 million, a PE ratio of -24.79 and a beta of 1.77. The business’s fifty day moving average price is $3.02 and its two-hundred day moving average price is $3.14.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Perigon Wealth Management LLC raised its position in shares of Lithium Americas by 46.2% in the fourth quarter. Perigon Wealth Management LLC now owns 15,824 shares of the company’s stock worth $47,000 after acquiring an additional 5,000 shares during the period. Geode Capital Management LLC raised its position in shares of Lithium Americas by 21.6% in the third quarter. Geode Capital Management LLC now owns 103,275 shares of the company’s stock worth $279,000 after acquiring an additional 18,321 shares during the period. HB Wealth Management LLC acquired a new position in shares of Lithium Americas in the fourth quarter worth about $55,000. Jones Financial Companies Lllp raised its position in shares of Lithium Americas by 29.5% in the fourth quarter. Jones Financial Companies Lllp now owns 87,350 shares of the company’s stock worth $259,000 after acquiring an additional 19,908 shares during the period. Finally, Barclays PLC raised its position in shares of Lithium Americas by 50.7% in the third quarter. Barclays PLC now owns 115,208 shares of the company’s stock worth $311,000 after acquiring an additional 38,781 shares during the period.

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.