Lithium Americas (NYSE:LAC) Shares Gap Up - Should You Buy?

Lithium Americas Corp. (NYSE:LAC - Get Free Report)'s stock price gapped up before the market opened on Thursday . The stock had previously closed at $3.06, but opened at $3.20. Lithium Americas shares last traded at $3.14, with a volume of 5,463,163 shares.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on LAC. National Bankshares downgraded Lithium Americas from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 16th. National Bank Financial downgraded Lithium Americas from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 16th. Scotiabank cut their target price on Lithium Americas from $3.00 to $2.75 and set a "sector perform" rating for the company in a research report on Monday, March 31st. Evercore ISI initiated coverage on Lithium Americas in a research report on Thursday, April 17th. They set an "outperform" rating and a $4.50 target price for the company. Finally, Wedbush reiterated a "neutral" rating and set a $5.00 target price on shares of Lithium Americas in a research report on Friday, May 16th. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $3.88.

Lithium Americas Stock Down 1.8%

The company has a quick ratio of 10.35, a current ratio of 10.35 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $715.80 million, a PE ratio of -20.44 and a beta of 0.69. The stock has a 50-day moving average of $2.78 and a 200 day moving average of $2.89.

Lithium Americas (NYSE:LAC - Get Free Report) last released its earnings results on Thursday, May 15th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.01). Sell-side analysts anticipate that Lithium Americas Corp. will post -0.12 EPS for the current year.

Hedge Funds Weigh In On Lithium Americas

A number of large investors have recently made changes to their positions in LAC. Independent Wealth Network Inc. lifted its stake in Lithium Americas by 3.4% during the second quarter. Independent Wealth Network Inc. now owns 239,255 shares of the company's stock worth $641,000 after purchasing an additional 7,823 shares during the last quarter. Perigon Wealth Management LLC increased its holdings in shares of Lithium Americas by 63.2% in the second quarter. Perigon Wealth Management LLC now owns 25,824 shares of the company's stock worth $69,000 after buying an additional 10,000 shares during the period. Revisor Wealth Management LLC increased its holdings in shares of Lithium Americas by 16.2% in the second quarter. Revisor Wealth Management LLC now owns 184,293 shares of the company's stock worth $525,000 after buying an additional 25,732 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Lithium Americas by 5.1% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 328,582 shares of the company's stock worth $874,000 after buying an additional 15,898 shares during the period. Finally, Teamwork Financial Advisors LLC increased its holdings in shares of Lithium Americas by 18.1% in the second quarter. Teamwork Financial Advisors LLC now owns 1,012,822 shares of the company's stock worth $2,714,000 after buying an additional 155,068 shares during the period.

Lithium Americas Company Profile

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.