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

Key Points

• Lithium Americas Corp. shares gapped up, opening at $3.07 after closing at $2.79, with a trading volume of over 7.6 million shares.
• Analysts have mixed ratings on Lithium Americas, with an average rating of "Hold" and a target price of $3.88, though Evercore ISI has an "outperform" rating with a price objective of $4.50.
• Institutional investments are rising, with significant stakes added by firms such as Goldman Sachs, which increased its stake by 44.9% during the first quarter.

Lithium Americas Corp. (NYSE:LAC - Get Free Report) shares gapped up prior to trading on Monday . The stock had previously closed at $2.79, but opened at $3.07. Lithium Americas shares last traded at $3.03, with a volume of 7,673,061 shares changing hands.

Wall Street Analysts Forecast Growth

LAC has been the topic of a number of analyst reports. National Bank Financial lowered Lithium Americas from a "strong-buy" rating to a "hold" rating in a report on Friday, May 16th. Evercore ISI started coverage on Lithium Americas in a research note on Thursday, April 17th. They set an "outperform" rating and a $4.50 price target on the stock. Wedbush reissued a "neutral" rating and set a $5.00 price target on shares of Lithium Americas in a research note on Friday, May 16th. Finally, National Bankshares lowered Lithium Americas from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 16th. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $3.88.

Lithium Americas Trading Up 1.4%

The firm has a market capitalization of $634.81 million, a price-to-earnings ratio of -12.61 and a beta of 0.68. The company has a debt-to-equity ratio of 0.02, a quick ratio of 10.35 and a current ratio of 10.35. The business has a fifty day moving average price of $2.79 and a 200 day moving average price of $2.83.

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

Institutional Trading of Lithium Americas

A number of institutional investors have recently added to or reduced their stakes in LAC. Bank of Montreal Can boosted its position in Lithium Americas by 3,173.0% during the 2nd quarter. Bank of Montreal Can now owns 846,998 shares of the company's stock worth $2,266,000 after purchasing an additional 821,120 shares during the period. Invesco Ltd. grew its stake in shares of Lithium Americas by 38.0% during the second quarter. Invesco Ltd. now owns 1,666,561 shares of the company's stock valued at $4,466,000 after acquiring an additional 459,252 shares in the last quarter. Decade Renewable Partners LP acquired a new stake in shares of Lithium Americas during the fourth quarter valued at about $1,331,000. HITE Hedge Asset Management LLC grew its stake in shares of Lithium Americas by 150.9% during the fourth quarter. HITE Hedge Asset Management LLC now owns 731,473 shares of the company's stock valued at $2,172,000 after acquiring an additional 439,974 shares in the last quarter. Finally, Balyasny Asset Management L.P. acquired a new stake in shares of Lithium Americas during the second quarter valued at about $1,057,000.

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.