Lithium Americas (NYSE:LAC) Shares Gap Down to $7.05

Lithium Americas Corp. (NYSE:LAC - Get Free Report) shares gapped down before the market opened on Wednesday . The stock had previously closed at $7.05, but opened at $6.87. Lithium Americas shares last traded at $6.98, with a volume of 288,229 shares.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on LAC. Evercore ISI cut their target price on shares of Lithium Americas from $13.00 to $9.00 and set an "outperform" rating for the company in a research report on Friday, March 15th. JPMorgan Chase & Co. boosted their price objective on shares of Lithium Americas from $5.50 to $7.00 and gave the company a "neutral" rating in a research report on Monday, March 18th. Finally, Scotiabank lowered shares of Lithium Americas from a "sector outperform" rating to a "sector perform" rating and cut their price objective for the company from $15.00 to $7.00 in a research report on Monday, March 18th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $14.94.

Lithium Americas Stock Up 0.6 %

The business's 50-day moving average price is $5.24 and its 200-day moving average price is $7.24.

Lithium Americas (NYSE:LAC - Get Free Report) last released its quarterly earnings data on Friday, March 15th. The company reported ($0.08) EPS for the quarter, hitting analysts' consensus estimates of ($0.08). As a group, research analysts anticipate that Lithium Americas Corp. will post -0.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Lithium Americas

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. grew its holdings in Lithium Americas by 725.0% during the first quarter. PNC Financial Services Group Inc. now owns 825 shares of the company's stock valued at $32,000 after purchasing an additional 725 shares during the last quarter. Allworth Financial LP acquired a new stake in shares of Lithium Americas in the fourth quarter worth $37,000. CWM LLC grew its stake in shares of Lithium Americas by 140.6% in the third quarter. CWM LLC now owns 2,327 shares of the company's stock worth $40,000 after acquiring an additional 1,360 shares during the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of Lithium Americas in the first quarter worth $42,000. Finally, Operose Advisors LLC acquired a new stake in shares of Lithium Americas in the third quarter worth $44,000.

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.