Lithium Americas (NYSE:LAC) Sets New 52-Week High Following Analyst Upgrade

Key Points

• Lithium Americas shares reached a new 52-week high of $7.53 after an upgrade by Wedbush, which raised the price target from $5.00 to $8.00.
• Analyst ratings for Lithium Americas are mixed, with three analysts recommending a "buy" and nine issuing a "hold," resulting in an average rating of "hold" with a consensus target price of $5.09.
• The company has seen increased interest from institutional investors, with several firms reporting significant increases in their positions during the last quarters.

Lithium Americas Corp. (NYSE:LAC - Get Free Report) shares hit a new 52-week high during trading on Wednesday after Wedbush raised their price target on the stock from $5.00 to $8.00. Wedbush currently has a neutral rating on the stock. Lithium Americas traded as high as $7.53 and last traded at $6.98, with a volume of 24144771 shares changing hands. The stock had previously closed at $5.71.

LAC has been the topic of a number of other reports. Cowen cut Lithium Americas from a "buy" rating to a "hold" rating in a research report on Wednesday, September 24th. TD Securities lowered Lithium Americas from a "buy" rating to a "hold" rating and set a $5.00 price target for the company. in a research note on Thursday, September 25th. TD Cowen restated a "hold" rating and set a $5.00 price objective on shares of Lithium Americas in a research report on Thursday, September 25th. Jefferies Financial Group lowered their price target on shares of Lithium Americas from $8.00 to $7.00 and set a "buy" rating for the company in a report on Wednesday, September 24th. Finally, Cormark raised shares of Lithium Americas to a "moderate buy" rating in a research note on Wednesday, August 20th. Three equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $5.09.

Institutional Investors Weigh In On Lithium Americas

A number of institutional investors have recently bought and sold shares of the stock. Mackenzie Financial Corp lifted its position in shares of Lithium Americas by 3.9% during the fourth quarter. Mackenzie Financial Corp now owns 87,701 shares of the company's stock worth $262,000 after purchasing an additional 3,310 shares in the last quarter. Axxcess Wealth Management LLC lifted its stake in Lithium Americas by 33.9% during the second quarter. Axxcess Wealth Management LLC now owns 16,582 shares of the company's stock valued at $44,000 after buying an additional 4,200 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in Lithium Americas by 4.4% in the fourth quarter. Ameriprise Financial Inc. now owns 104,207 shares of the company's stock worth $309,000 after buying an additional 4,379 shares during the last quarter. HITE Hedge Asset Management LLC grew its holdings in Lithium Americas by 0.6% during the first quarter. HITE Hedge Asset Management LLC now owns 735,918 shares of the company's stock valued at $1,994,000 after purchasing an additional 4,445 shares during the last quarter. Finally, Harbour Investments Inc. increased its position in Lithium Americas by 86.1% during the second quarter. Harbour Investments Inc. now owns 9,900 shares of the company's stock worth $27,000 after acquiring an additional 4,580 shares during the period.

Lithium Americas Price Performance

The company has a debt-to-equity ratio of 0.33, a current ratio of 9.88 and a quick ratio of 9.88. The stock's 50 day simple moving average is $3.24 and its two-hundred day simple moving average is $2.95. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of -29.43 and a beta of 0.69.

Lithium Americas (NYSE:LAC - Get Free Report) last issued its quarterly earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.02). On average, analysts forecast that Lithium Americas Corp. will post -0.12 earnings per share for the current fiscal year.

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.

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