Lithium Americas (Argentina) (NYSE:LAR) Shares Gap Up - Time to Buy?

Key Points

• Shares of Lithium Americas (Argentina) gapped up from $2.81 to $3.15 before trading at $3.46, with over 2 million shares exchanged.
• Scotiabank lowered its target price for the company's stock from $3.50 to $3.00 while maintaining a "sector outperform" rating.
• Institutional investors and hedge funds now own 49.17% of Lithium Americas' stock, indicating strong institutional interest in the company.

Shares of Lithium Americas (Argentina) Corp. (NYSE:LAR - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $2.81, but opened at $3.15. Lithium Americas (Argentina) shares last traded at $3.46, with a volume of 2,014,246 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Scotiabank cut their target price on shares of Lithium Americas (Argentina) from $3.50 to $3.00 and set a "sector outperform" rating for the company in a research note on Tuesday, May 20th.

Lithium Americas (Argentina) Stock Performance

The stock has a market cap of $582.84 million and a price-to-earnings ratio of -51.42. The company's 50-day moving average is $2.36.

Lithium Americas (Argentina) (NYSE:LAR - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.03). Research analysts forecast that Lithium Americas will post -0.05 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in LAR. Wealth Enhancement Advisory Services LLC acquired a new position in Lithium Americas (Argentina) in the 1st quarter valued at approximately $592,000. Robertson Stephens Wealth Management LLC acquired a new position in Lithium Americas (Argentina) in the 1st quarter valued at approximately $56,000. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Lithium Americas (Argentina) during the 1st quarter worth $41,000. Balboa Wealth Partners acquired a new position in shares of Lithium Americas (Argentina) during the 1st quarter worth $90,000. Finally, Mutual Advisors LLC acquired a new position in shares of Lithium Americas (Argentina) during the 1st quarter worth $103,000. Institutional investors and hedge funds own 49.17% of the company's stock.

Lithium Americas (Argentina) Company Profile

Lithium Argentina AG, a resource and materials company, focuses on advancing lithium projects in Argentina. The company owns interests in the Cauchari-Olaroz project located in Jujuy province; and the Pastos Grandes project located in Salta Province of Argentina. The company was formerly known as Lithium Americas (Argentina) Corp.

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