Lithium Americas (TSE:LAC) Trading 32.2% Higher - Time to Buy?

Key Points

• Lithium Americas Corp. shares surged by 32.2%, reaching a trading high of C$13.00, with a significant increase in volume to over 7.3 million shares traded.
• Several analysts downgraded their ratings on the stock, with Canaccord Genuity setting a new price target of C$6.25, while National Bankshares raised their target to C$10.00.
• The company, which focuses on lithium exploration and development, currently has a market capitalization of C$3.05 billion and operates primarily through its Thacker Pass project in Nevada.

Shares of Lithium Americas Corp. (TSE:LAC - Get Free Report) were up 32.2% during trading on Saturday . The company traded as high as C$13.00 and last traded at C$12.64. Approximately 7,329,801 shares changed hands during mid-day trading, an increase of 747% from the average daily volume of 865,011 shares. The stock had previously closed at C$9.56.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Cormark downgraded shares of Lithium Americas from a "moderate buy" rating to a "hold" rating in a research report on Thursday. Canaccord Genuity Group downgraded Lithium Americas from a "moderate buy" rating to a "sell" rating and set a C$6.25 price target for the company. in a research note on Thursday. National Bankshares upped their price objective on Lithium Americas from C$5.00 to C$10.00 and gave the stock a "sector perform" rating in a research note on Thursday. Finally, TD Cowen downgraded shares of Lithium Americas from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 25th. One analyst has rated the stock with a Strong Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of C$8.13.

Lithium Americas Stock Up 32.2%

The business has a 50-day moving average price of C$4.85 and a 200 day moving average price of C$4.22. The company has a current ratio of 13.88, a quick ratio of 52.06 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of C$3.05 billion, a P/E ratio of -50.56 and a beta of 1.26.

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.