Lithium Americas (NYSE:LAC) Shares Gap Up – Still a Buy?

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.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on LAC. Scotiabank lowered their price objective on shares of Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating on the stock in a report on Friday, October 18th. BMO Capital Markets upgraded shares of Lithium Americas to a “hold” rating in a research note on Wednesday, October 23rd. National Bank Financial upgraded shares of Lithium Americas from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 17th. B. Riley lifted their target price on Lithium Americas from $4.50 to $5.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Finally, Wedbush initiated coverage on Lithium Americas in a report on Thursday, December 19th. They set a “neutral” rating and a $5.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Lithium Americas presently has a consensus rating of “Hold” and an average target price of $5.51.

Lithium Americas Price Performance

The business has a 50-day simple moving average of $3.59 and a two-hundred day simple moving average of $3.00. The stock has a market cap of $726.05 million, a price-to-earnings ratio of -27.42 and a beta of 1.67.

Institutional Investors Weigh In On Lithium Americas

A number of large investors have recently added to or reduced their stakes in LAC. CIBC Asset Management Inc acquired a new position in shares of Lithium Americas in the second quarter valued at $97,000. TD Asset Management Inc raised its holdings in Lithium Americas by 18.3% in the 2nd quarter. TD Asset Management Inc now owns 140,483 shares of the company’s stock valued at $374,000 after acquiring an additional 21,759 shares during the period. National Bank of Canada FI raised its holdings in Lithium Americas by 147.0% in the 2nd quarter. National Bank of Canada FI now owns 32,789 shares of the company’s stock valued at $87,000 after acquiring an additional 19,514 shares during the period. Wedbush Securities Inc. bought a new stake in shares of Lithium Americas in the second quarter valued at about $32,000. Finally, Headlands Technologies LLC grew its stake in shares of Lithium Americas by 861.1% in the second quarter. Headlands Technologies LLC now owns 73,868 shares of the company’s stock valued at $198,000 after acquiring an additional 66,182 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.