Lithium Americas (NYSE:LAC) Trading Up 7.9% – Here’s What Happened

Lithium Americas Corp. (NYSE:LAC) shares were up 7.9% on Thursday . The stock traded as high as $3.16 and last traded at $3.07. Approximately 2,741,838 shares traded hands during trading, a decline of 42% from the average daily volume of 4,699,246 shares. The stock had previously closed at $2.84.

Analyst Upgrades and Downgrades

LAC has been the topic of several research reports. Cormark upgraded shares of Lithium Americas to a “moderate buy” rating in a report on Friday, January 17th. Wedbush assumed coverage on Lithium Americas in a research note on Thursday, December 19th. They issued a “neutral” rating and a $5.00 price target on the stock. B. Riley lifted their price objective on Lithium Americas from $4.50 to $5.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Finally, Piper Sandler lowered their target price on Lithium Americas from $3.90 to $3.50 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $5.51.

Lithium Americas Stock Up 6.5 %

The company has a fifty day simple moving average of $3.06 and a 200-day simple moving average of $3.12. The firm has a market cap of $667.57 million, a P/E ratio of -25.21 and a beta of 1.77.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in LAC. Mackenzie Financial Corp boosted its position in shares of Lithium Americas by 3.9% in the fourth quarter. Mackenzie Financial Corp now owns 87,701 shares of the company’s stock worth $262,000 after purchasing an additional 3,310 shares during the period. Creative Financial Designs Inc. ADV lifted its stake in shares of Lithium Americas by 39.5% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 13,040 shares of the company’s stock valued at $35,000 after buying an additional 3,693 shares in the last quarter. National Bank of Canada FI boosted its holdings in Lithium Americas by 13.2% in the 3rd quarter. National Bank of Canada FI now owns 37,129 shares of the company’s stock worth $100,000 after buying an additional 4,340 shares during the period. Ameriprise Financial Inc. increased its stake in Lithium Americas by 4.4% in the 4th quarter. Ameriprise Financial Inc. now owns 104,207 shares of the company’s stock worth $309,000 after buying an additional 4,379 shares in the last quarter. Finally, Allworth Financial LP raised its holdings in Lithium Americas by 99.4% during the fourth quarter. Allworth Financial LP now owns 9,814 shares of the company’s stock valued at $31,000 after acquiring an additional 4,893 shares during the period.

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.