Lithium Americas (Argentina) (NYSE:LAR) Shares Up 5.3% - Still a Buy?

Key Points

• Shares of Lithium Americas (Argentina) increased by 5.3%, reaching a last trading price of $3.39, though trading volume fell 15% compared to the average.
• Research firm National Bankshares upgraded the stock from "sector perform" to "outperform," raising the price target to $4.50, while other analysts generally rated it as a "Moderate Buy" with a consensus target of $4.00.
• Institutional investors own 49.17% of the stock, with significant stake increases reported from firms like MIRAE ASSET GLOBAL ETFS HOLDINGS and Invesco Ltd..

Shares of Lithium Americas (Argentina) Corp. (NYSE:LAR - Get Free Report) shot up 5.3% on Monday . The company traded as high as $3.40 and last traded at $3.39. 973,425 shares traded hands during trading, a decline of 15% from the average session volume of 1,144,594 shares. The stock had previously closed at $3.22.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on LAR. National Bankshares raised Lithium Americas (Argentina) from a "sector perform" rating to an "outperform" rating and raised their price target for the company from $2.90 to $4.50 in a report on Tuesday, August 12th. National Bank Financial raised Lithium Americas (Argentina) from a "hold" rating to a "strong-buy" rating in a report on Monday, August 11th. Cormark raised Lithium Americas (Argentina) to a "moderate buy" rating in a report on Wednesday, August 20th. Scotiabank reissued a "sector perform" rating and issued a $3.50 target price (up from $3.00) on shares of Lithium Americas (Argentina) in a research note on Wednesday, August 13th. Finally, BMO Capital Markets lifted their target price on Lithium Americas (Argentina) from $2.50 to $4.00 and gave the company a "market perform" rating in a research note on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $4.00.

Lithium Americas (Argentina) Price Performance

The company has a market cap of $532.34 million and a price-to-earnings ratio of -29.82. The stock has a 50-day moving average price of $2.64 and a 200 day moving average price of $2.30.

Hedge Funds Weigh In On Lithium Americas (Argentina)

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Lithium Americas (Argentina) by 9.3% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,786,166 shares of the company's stock valued at $9,975,000 after purchasing an additional 408,065 shares in the last quarter. Hancock Prospecting Pty Ltd bought a new stake in shares of Lithium Americas (Argentina) in the first quarter valued at about $5,368,000. Invesco Ltd. lifted its holdings in shares of Lithium Americas (Argentina) by 42.3% in the second quarter. Invesco Ltd. now owns 2,198,736 shares of the company's stock valued at $4,573,000 after purchasing an additional 653,351 shares in the last quarter. CenterBook Partners LP bought a new stake in shares of Lithium Americas (Argentina) in the first quarter valued at about $4,613,000. Finally, Woodline Partners LP bought a new stake in shares of Lithium Americas (Argentina) in the first quarter valued at about $3,456,000. 49.17% of the stock is owned by institutional investors and hedge funds.

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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