Lithium Americas (NYSE:LAC) Shares Gap Up – Still a Buy?

Lithium Americas Corp. (NYSE:LAC)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $2.96, but opened at $3.02. Lithium Americas shares last traded at $2.94, with a volume of 370,733 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on LAC. Piper Sandler decreased their price objective on shares of Lithium Americas from $3.90 to $3.50 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Cormark raised shares of Lithium Americas to a “moderate buy” rating in a report on Friday, January 17th. Finally, Wedbush started coverage on shares of Lithium Americas in a report on Thursday, December 19th. They set a “neutral” rating and a $5.00 price objective on the stock. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $4.80.

Lithium Americas Stock Performance

The firm has a market capitalization of $669.78 million, a price-to-earnings ratio of -25.29 and a beta of 1.77. The business’s 50-day moving average is $3.01 and its two-hundred day moving average is $3.15.

Institutional Trading of Lithium Americas

A number of hedge funds have recently modified their holdings of LAC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Lithium Americas by 8.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,254,848 shares of the company’s stock worth $9,732,000 after buying an additional 240,418 shares during the period. Quinn Opportunity Partners LLC grew its position in Lithium Americas by 1,132.5% in the fourth quarter. Quinn Opportunity Partners LLC now owns 811,632 shares of the company’s stock valued at $2,411,000 after acquiring an additional 745,777 shares during the last quarter. HITE Hedge Asset Management LLC grew its holdings in shares of Lithium Americas by 150.9% during the fourth quarter. HITE Hedge Asset Management LLC now owns 731,473 shares of the company’s stock worth $2,172,000 after purchasing an additional 439,974 shares during the last quarter. Teamwork Financial Advisors LLC grew its holdings in shares of Lithium Americas by 79.2% during the fourth quarter. Teamwork Financial Advisors LLC now owns 714,381 shares of the company’s stock worth $2,122,000 after purchasing an additional 315,621 shares during the last quarter. Finally, Decade Renewable Partners LP bought a new stake in Lithium Americas in the fourth quarter valued at approximately $1,331,000.

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.