Lithium Americas (NYSE:LAC) Shares Gap Up - What's Next?

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.

Shares of Lithium Americas Corp. (NYSE:LAC - Get Free Report) gapped up before the market opened 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.

Analyst Ratings Changes

A number of research firms have weighed in on LAC. Evercore ISI initiated coverage on shares of Lithium Americas in a report on Thursday, April 17th. They set an "outperform" rating and a $4.50 price objective on the stock. Wedbush reaffirmed a "neutral" rating and set a $5.00 price target on shares of Lithium Americas in a research note on Friday, May 16th. National Bankshares downgraded shares of Lithium Americas from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 16th. Finally, National Bank Financial downgraded shares of Lithium Americas from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 16th. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $3.88.

Lithium Americas Trading Up 8.8%

The stock has a market cap of $664.36 million, a P/E ratio of -18.97 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 company has a 50-day simple moving average of $2.77 and a 200-day simple moving average of $2.84.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Lithium Americas by 8.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,254,848 shares of the company's stock valued at $9,732,000 after acquiring an additional 240,418 shares during the period. Goldman Sachs Group Inc. grew its stake in Lithium Americas by 44.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,046,556 shares of the company's stock valued at $2,836,000 after acquiring an additional 324,518 shares during the period. Teamwork Financial Advisors LLC boosted its position in shares of Lithium Americas by 18.1% during 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. Bank of Montreal Can boosted its position in shares of Lithium Americas by 3,173.0% during the second quarter. Bank of Montreal Can now owns 846,998 shares of the company's stock worth $2,266,000 after buying an additional 821,120 shares during the period. Finally, HITE Hedge Asset Management LLC boosted its position in shares of Lithium Americas by 0.6% during the first quarter. HITE Hedge Asset Management LLC now owns 735,918 shares of the company's stock worth $1,994,000 after buying an additional 4,445 shares during the period.

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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