Lithium Americas (NYSE:LAC) Stock Moved Up to "Speculative Buy" by Canaccord Genuity Group

Key Points

• Canaccord Genuity upgraded Lithium Americas from “hold” to “speculative buy,” though analyst sentiment remains mixed with a consensus “Hold” rating and an average target price of $5.25.
• LAC shares opened at $2.08, near their 52-week low of $2.06 and well below the 52-week high of $10.52; the stock also carries a high beta of 2.64.
• The company is focused on developing the Thacker Pass lithium project in Nevada, a major U.S. deposit intended to produce battery-grade lithium carbonate for electric vehicles and energy storage.

Lithium Americas (NYSE:LAC - Get Free Report) was upgraded by analysts at Canaccord Genuity Group from a "hold" rating to a "speculative buy" rating in a research note issued on Thursday, MarketBeat Ratings reports.

A number of other research analysts also recently issued reports on the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Lithium Americas in a report on Friday, July 24th. BMO Capital Markets set a $3.50 price objective on shares of Lithium Americas in a research note on Tuesday, October 6th. Wall Street Zen raised shares of Lithium Americas from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 15th. JPMorgan Chase & Co. assumed coverage on shares of Lithium Americas in a report on Wednesday, September 9th. They set an "overweight" rating and a $6.00 target price for the company. Finally, The Goldman Sachs Group assumed coverage on shares of Lithium Americas in a research note on Wednesday, July 1st. They issued a "neutral" rating and a $4.50 target price for the company. Four research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $5.25.

Lithium Americas Stock Performance

Shares of LAC stock opened at $2.08 on Thursday. The stock has a market cap of $756.94 million, a PE ratio of -5.63 and a beta of 2.64. The business has a 50-day simple moving average of $2.89 and a 200-day simple moving average of $3.78. The company has a quick ratio of 5.47, a current ratio of 5.47 and a debt-to-equity ratio of 0.81. Lithium Americas has a 52-week low of $2.06 and a 52-week high of $10.52.

Lithium Americas (NYSE:LAC - Get Free Report) last issued its earnings results on Thursday, August 13th. The company reported ($0.02) EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.02. On average, equities analysts expect that Lithium Americas will post -0.07 EPS for the current year.

Hedge Funds Weigh In On Lithium Americas

Several institutional investors and hedge funds have recently modified their holdings of LAC. Tidal Investments LLC increased its position in shares of Lithium Americas by 5.2% in the second quarter. Tidal Investments LLC now owns 75,367 shares of the company's stock valued at $290,000 after buying an additional 3,728 shares in the last quarter. Engineers Gate Manager LP acquired a new position in shares of Lithium Americas during the 2nd quarter worth approximately $838,000. Concurrent Investment Advisors LLC lifted its position in shares of Lithium Americas by 75.6% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 23,683 shares of the company's stock valued at $91,000 after buying an additional 10,199 shares in the last quarter. Legacy Financial Advisors Inc. purchased a new position in shares of Lithium Americas during the 2nd quarter valued at approximately $155,000. Finally, Headlands Technologies LLC purchased a new position in shares of Lithium Americas during the 2nd quarter valued at approximately $248,000.

Lithium Americas Company Profile

Lithium Americas Corp. is a lithium development company focused on advancing domestic battery-materials production in North America. Its principal asset is the Thacker Pass lithium project in Humboldt County, Nevada, one of the largest known lithium deposits in the United States. The project is designed to produce battery-grade lithium carbonate for use in electric vehicle batteries and other energy-storage applications.

Thacker Pass is being developed in phases and is expected to use a processing method intended to recover lithium from sedimentary claystone.

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