Lithium Americas (NYSE:LAC) Shares Gap Up – Should You Buy?

Lithium Americas Corp. (NYSE:LAC)’s share price gapped up prior to trading on Friday . The stock had previously closed at $2.52, but opened at $2.63. Lithium Americas shares last traded at $2.59, with a volume of 1,459,413 shares traded.

Wall Street Analyst Weigh In

Several research firms have weighed in on LAC. Piper Sandler began coverage on shares of Lithium Americas in a research report on Monday, July 29th. They set a “neutral” rating and a $3.90 target price on the stock. B. Riley dropped their target price on shares of Lithium Americas from $4.50 to $4.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Scotiabank dropped their target price on shares of Lithium Americas from $5.50 to $3.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 15th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of Lithium Americas from $3.00 to $2.50 and set a “hold” rating on the stock in a research report on Friday, August 16th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $6.61.

Lithium Americas Stock Performance

The firm’s 50 day simple moving average is $2.46 and its 200 day simple moving average is $3.64.

Lithium Americas (NYSE:LAC) last posted its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.02). Equities research analysts predict that Lithium Americas Corp. will post -0.09 earnings per share for the current year.

Institutional Trading of Lithium Americas

Hedge funds have recently added to or reduced their stakes in the company. Banque Cantonale Vaudoise purchased a new stake in Lithium Americas during the first quarter worth $25,000. Mather Group LLC. purchased a new stake in Lithium Americas during the first quarter worth $26,000. Quent Capital LLC purchased a new stake in Lithium Americas during the first quarter worth $48,000. Headlands Technologies LLC boosted its holdings in Lithium Americas by 2,332.3% during the first quarter. Headlands Technologies LLC now owns 7,686 shares of the company’s stock worth $52,000 after buying an additional 7,370 shares in the last quarter. Finally, Fairscale Capital LLC purchased a new stake in Lithium Americas during the second quarter worth $27,000.

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.