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

Lithium Americas Corp. (NYSE:LAC) saw some unusual options trading activity on Friday. Traders purchased 15,403 put options on the company. This represents an increase of 469% compared to the typical daily volume of 2,707 put options.

Hedge Funds Weigh In On Lithium Americas

Several large investors have recently modified their holdings of LAC. Marshall Wace LLP acquired a new position in Lithium Americas in the 2nd quarter valued at about $10,252,000. Van ECK Associates Corp boosted its holdings in shares of Lithium Americas by 69.8% during the second quarter. Van ECK Associates Corp now owns 3,953,127 shares of the company’s stock worth $10,591,000 after acquiring an additional 1,625,149 shares during the period. Point72 Asset Management L.P. grew its position in shares of Lithium Americas by 580.1% in the second quarter. Point72 Asset Management L.P. now owns 1,857,193 shares of the company’s stock valued at $4,977,000 after purchasing an additional 1,584,123 shares during the last quarter. Teamwork Financial Advisors LLC increased its stake in shares of Lithium Americas by 2,274.3% during the third quarter. Teamwork Financial Advisors LLC now owns 398,760 shares of the company’s stock worth $1,077,000 after purchasing an additional 381,965 shares during the period. Finally, Merewether Investment Management LP acquired a new stake in Lithium Americas during the 2nd quarter worth approximately $858,000.

Wall Street Analyst Weigh In

Several research analysts recently commented on LAC shares. Scotiabank reduced their target price on shares of Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating for the company in a report on Friday. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Lithium Americas from $3.00 to $2.50 and set a “hold” rating for the company in a research note on Friday, August 16th. Piper Sandler assumed coverage on Lithium Americas in a report on Monday, July 29th. They issued a “neutral” rating and a $3.90 price objective for the company. B. Riley dropped their target price on Lithium Americas from $4.50 to $4.00 and set a “buy” rating on the stock in a report on Friday, August 16th. Finally, National Bank Financial upgraded Lithium Americas from a “sector perform” rating to an “outperform” rating in a research note on Thursday. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $5.50.

Lithium Americas Price Performance

Shares of NYSE LAC opened at $3.14 on Friday. The business’s 50 day moving average price is $2.55 and its two-hundred day moving average price is $3.34. Lithium Americas has a twelve month low of $2.02 and a twelve month high of $8.07.

Lithium Americas (NYSE:LAC) last posted its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). As a group, equities research analysts expect that Lithium Americas will post -0.09 EPS for the current fiscal year.

About Lithium Americas

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.