Lithium Americas (NYSE:LAC) Shares Gap Up - Here's What Happened

Key Points

• Lithium Americas Corp. (NYSE:LAC) shares experienced a significant gap up, opening at $6.78 from a previous close of $6.01, with a trading volume of 72,251,776 shares.
• Analysts are mixed on LAC, with ratings of "buy," "hold," and a consensus price target of $4.68, while recent earnings reported a loss of ($0.06) EPS, missing estimates by ($0.02).
• The company's market capitalization stands at $1.81 billion, showing strong institutional interest as hedge funds make growing investments in LAC shares.

Lithium Americas Corp. (NYSE:LAC - Get Free Report) shares gapped up prior to trading on Thursday . The stock had previously closed at $6.01, but opened at $6.78. Lithium Americas shares last traded at $6.78, with a volume of 72,251,776 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on LAC shares. Cowen cut Lithium Americas from a "buy" rating to a "hold" rating in a research report on Wednesday. Cormark raised Lithium Americas to a "moderate buy" rating in a research report on Wednesday, August 20th. Jefferies Financial Group reduced their target price on Lithium Americas from $8.00 to $7.00 and set a "buy" rating for the company in a research report on Wednesday. Finally, TD Cowen reaffirmed a "hold" rating and issued a $5.00 target price on shares of Lithium Americas in a research report on Thursday. Three equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $4.68.

Lithium Americas Stock Performance

The company has a market capitalization of $1.81 billion, a P/E ratio of -32.29 and a beta of 0.70. The stock has a fifty day simple moving average of $2.99 and a 200-day simple moving average of $2.86. The company has a quick ratio of 9.88, a current ratio of 9.88 and a debt-to-equity ratio of 0.33.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in LAC. Cacti Asset Management LLC bought a new position in shares of Lithium Americas during the first quarter valued at $27,000. Members Wealth LLC acquired a new stake in shares of Lithium Americas in the first quarter valued at $27,000. Ping Capital Management Inc. acquired a new stake in shares of Lithium Americas in the first quarter valued at $27,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new stake in shares of Lithium Americas in the first quarter valued at $27,000. Finally, Harbour Investments Inc. increased its stake in shares of Lithium Americas by 86.1% in the second quarter. Harbour Investments Inc. now owns 9,900 shares of the company's stock valued at $27,000 after buying an additional 4,580 shares in the last quarter.

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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