Lithium Americas (Argentina) (NYSE:LAR) Shares Gap Up - What's Next?

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.

Lithium Americas (Argentina) Corp. (NYSE:LAR - Get Free Report) shares gapped up prior to trading 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 traded.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Scotiabank reissued a "sector perform" rating and issued a $3.50 price target (up from $3.00) on shares of Lithium Americas (Argentina) in a research report on Wednesday. BMO Capital Markets upped their price objective on Lithium Americas (Argentina) from $2.50 to $4.00 and gave the company a "market perform" rating in a research report on Tuesday. National Bankshares raised Lithium Americas (Argentina) from a "sector perform" rating to an "outperform" rating and increased their price target for the company from $2.90 to $4.50 in a report on Tuesday. Finally, National Bank Financial raised Lithium Americas (Argentina) from a "hold" rating to a "strong-buy" rating in a report on Monday.

Lithium Americas (Argentina) Price Performance

The firm has a 50 day simple moving average of $2.52.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Orion Resource Partners LP boosted its position in shares of Lithium Americas (Argentina) by 619.0% during the 2nd quarter. Orion Resource Partners LP now owns 345,155 shares of the company's stock valued at $718,000 after acquiring an additional 297,150 shares during the last quarter. Balyasny Asset Management L.P. lifted its holdings in shares of Lithium Americas (Argentina) by 164.3% in the 2nd quarter. Balyasny Asset Management L.P. now owns 199,553 shares of the company's stock valued at $415,000 after acquiring an additional 124,064 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Lithium Americas (Argentina) by 5.4% in the 2nd quarter. Bank of America Corp DE now owns 395,652 shares of the company's stock valued at $823,000 after acquiring an additional 20,253 shares during the last quarter. Jane Street Group LLC lifted its holdings in shares of Lithium Americas (Argentina) by 30.9% in the 2nd quarter. Jane Street Group LLC now owns 373,603 shares of the company's stock valued at $777,000 after acquiring an additional 88,230 shares during the last quarter. Finally, Raymond James Financial Inc. lifted its holdings in shares of Lithium Americas (Argentina) by 14.1% in the 2nd quarter. Raymond James Financial Inc. now owns 26,030 shares of the company's stock valued at $54,000 after acquiring an additional 3,214 shares during the last quarter. 49.17% of the stock is currently owned by institutional investors.

About Lithium Americas (Argentina)

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.