Lithium Americas Target of Unusually High Options Trading (NYSE:LAC)

Key Points

• Lithium Americas Corp. experienced a significant increase in options trading, with a 327% rise in call options purchased on Wednesday, totaling 63,779 contracts.
• Several hedge funds, including Mackenzie Financial Corp. and Axxcess Wealth Management LLC, have recently increased their stakes in the company, indicating growing institutional interest.
• The stock's price hit $7.16 during mid-day trading, reflecting a notable performance off a 52-week low of $2.31 and a high of $7.55, along with a market capitalization of $1.73 billion.

Lithium Americas Corp. (NYSE:LAC - Get Free Report) was the target of unusually large options trading activity on Wednesday. Stock traders purchased 63,779 call options on the stock. This is an increase of 327% compared to the typical daily volume of 14,953 call options.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Mackenzie Financial Corp raised its position in shares of Lithium Americas by 3.9% during the 4th quarter. Mackenzie Financial Corp now owns 87,701 shares of the company's stock worth $262,000 after purchasing an additional 3,310 shares during the last quarter. Axxcess Wealth Management LLC raised its holdings in Lithium Americas by 33.9% in the 2nd quarter. Axxcess Wealth Management LLC now owns 16,582 shares of the company's stock valued at $44,000 after acquiring an additional 4,200 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in Lithium Americas by 4.4% in the 4th quarter. Ameriprise Financial Inc. now owns 104,207 shares of the company's stock valued at $309,000 after acquiring an additional 4,379 shares during the last quarter. HITE Hedge Asset Management LLC raised its holdings in Lithium Americas by 0.6% in the 1st quarter. HITE Hedge Asset Management LLC now owns 735,918 shares of the company's stock valued at $1,994,000 after acquiring an additional 4,445 shares during the last quarter. Finally, Harbour Investments Inc. raised its holdings in Lithium Americas by 86.1% in the 2nd quarter. Harbour Investments Inc. now owns 9,900 shares of the company's stock valued at $27,000 after acquiring an additional 4,580 shares during the last quarter.

Lithium Americas Price Performance

Shares of LAC stock traded up $1.45 during mid-day trading on Wednesday, hitting $7.16. 120,847,483 shares of the stock were exchanged, compared to its average volume of 10,191,911. Lithium Americas has a 52-week low of $2.31 and a 52-week high of $7.55. The company has a quick ratio of 9.88, a current ratio of 9.88 and a debt-to-equity ratio of 0.33. The firm has a fifty day moving average of $3.24 and a 200 day moving average of $2.95. The company has a market cap of $1.73 billion, a PE ratio of -30.99 and a beta of 0.69.

Lithium Americas (NYSE:LAC - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.02). Research analysts anticipate that Lithium Americas will post -0.12 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Cowen lowered shares of Lithium Americas from a "buy" rating to a "hold" rating in a report on Wednesday, September 24th. Jefferies Financial Group dropped their price objective on shares of Lithium Americas from $8.00 to $7.00 and set a "buy" rating on the stock in a report on Wednesday, September 24th. Cormark raised shares of Lithium Americas to a "moderate buy" rating in a report on Wednesday, August 20th. TD Securities lowered shares of Lithium Americas from a "buy" rating to a "hold" rating and set a $5.00 price target on the stock. in a report on Thursday, September 25th. Finally, TD Cowen reaffirmed a "hold" rating and issued a $5.00 price target on shares of Lithium Americas in a report on Thursday, September 25th. Three research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $5.09.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.