Lithium Americas (NYSE:LAC) Trading 3.8% Higher - Here's What Happened

Key Points

• Lithium Americas Corp. shares increased by 3.8%, with a trading range reaching $7.00 before closing at $6.73, indicating a notable uptick in volume with approximately 24.5 million shares traded.
• Recent analyst reports show mixed ratings for the stock, with a consensus rating of "Reduce" and a price target averaging around $5.30.
• An insider, VP Alexi Illya Zawadzki, sold a significant number of shares (353,914 at an average price of $9.48), which marks an 89.84% decrease in their ownership of the company.

Lithium Americas Corp. (NYSE:LAC - Get Free Report) rose 3.8% on Friday . The company traded as high as $7.00 and last traded at $6.73. Approximately 24,500,378 shares were traded during trading, an increase of 54% from the average daily volume of 15,947,178 shares. The stock had previously closed at $6.48.

Analyst Ratings Changes

LAC has been the topic of a number of recent analyst reports. TD Cowen reissued a "hold" rating and set a $5.00 price target on shares of Lithium Americas in a research report on Thursday, September 25th. Jefferies Financial Group lowered their price target on Lithium Americas from $8.00 to $7.00 and set a "buy" rating on the stock in a research report on Wednesday, September 24th. BMO Capital Markets boosted their price target on Lithium Americas from $3.50 to $5.00 and gave the stock a "market perform" rating in a research report on Thursday, October 2nd. TD Securities downgraded Lithium Americas from a "buy" rating to a "hold" rating and set a $5.00 price target on the stock. in a research report on Thursday, September 25th. Finally, JPMorgan Chase & Co. reissued an "underweight" rating and set a $5.00 price target on shares of Lithium Americas in a research report on Thursday, October 16th. Three investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus price target of $5.30.

Lithium Americas Stock Up 3.8%

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 company has a market cap of $1.66 billion, a price-to-earnings ratio of -29.24 and a beta of 1.43. The firm has a 50-day moving average price of $4.93 and a 200 day moving average price of $3.53.

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). Sell-side analysts predict that Lithium Americas Corp. will post -0.12 EPS for the current year.

Insiders Place Their Bets

In other Lithium Americas news, VP Alexi Illya Zawadzki sold 353,914 shares of the company's stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $9.48, for a total transaction of $3,355,104.72. Following the completion of the sale, the vice president directly owned 40,005 shares in the company, valued at $379,247.40. This represents a 89.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.11% of the stock is owned by insiders.

Institutional Investors Weigh In On Lithium Americas

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Axxcess Wealth Management LLC grew its holdings in Lithium Americas by 33.9% during the 2nd quarter. Axxcess Wealth Management LLC now owns 16,582 shares of the company's stock worth $44,000 after acquiring an additional 4,200 shares during the period. HITE Hedge Asset Management LLC boosted its position in shares of Lithium Americas by 0.6% during the 1st quarter. HITE Hedge Asset Management LLC now owns 735,918 shares of the company's stock worth $1,994,000 after purchasing an additional 4,445 shares in the last quarter. Harbour Investments Inc. boosted its position in shares of Lithium Americas by 86.1% during the 2nd quarter. Harbour Investments Inc. now owns 9,900 shares of the company's stock worth $27,000 after purchasing an additional 4,580 shares in the last quarter. Creative Planning boosted its position in shares of Lithium Americas by 18.4% during the 2nd quarter. Creative Planning now owns 48,936 shares of the company's stock worth $131,000 after purchasing an additional 7,610 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its position in shares of Lithium Americas by 8.7% during the 1st quarter. Mackenzie Financial Corp now owns 95,359 shares of the company's stock worth $258,000 after purchasing an additional 7,658 shares in the last quarter.

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.

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