JPMorgan Chase & Co. Reiterates “Overweight” Rating for Lithium Americas (NYSE:LAC)

Lithium Americas (NYSE:LAC)‘s stock had its “overweight” rating reaffirmed by investment analysts at JPMorgan Chase & Co. in a report released on Wednesday, Benzinga reports. They presently have a $6.00 price objective on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 91.39% from the company’s previous close.

A number of other research firms have also weighed in on LAC. Scotia lowered their target price on Lithium Americas from $5.00 to $4.50 and set a “sector perform” rating for the company in a research note on Monday, May 25th. BMO Capital Markets dropped their target price on shares of Lithium Americas from $4.50 to $4.00 and set a “market perform” rating for the company in a report on Friday, August 14th. Wall Street Zen raised Lithium Americas from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 15th. The Goldman Sachs Group initiated coverage on Lithium Americas in a research note on Wednesday, July 1st. They issued a “neutral” rating and a $4.50 target price on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lithium Americas in a research report on Friday, July 24th. Three investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Lithium Americas presently has an average rating of “Hold” and an average price target of $5.44.

Lithium Americas Price Performance

LAC traded up $0.14 during trading on Wednesday, reaching $3.13. The stock had a trading volume of 10,451,911 shares, compared to its average volume of 11,148,039. The stock has a market cap of $1.14 billion, a PE ratio of -8.45 and a beta of 2.59. The company has a debt-to-equity ratio of 0.81, a quick ratio of 5.47 and a current ratio of 5.47. Lithium Americas has a one year low of $2.67 and a one year high of $10.52. The business has a 50-day moving average of $3.15 and a 200-day moving average of $4.11.

Lithium Americas (NYSE:LAC) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. As a group, equities research analysts anticipate that Lithium Americas will post -0.11 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp lifted its position in shares of Lithium Americas by 20.8% in the 4th quarter. Van ECK Associates Corp now owns 17,495,908 shares of the company’s stock worth $76,282,000 after purchasing an additional 3,016,293 shares during the period. Millennium Management LLC grew its holdings in Lithium Americas by 35.8% in the fourth quarter. Millennium Management LLC now owns 4,489,568 shares of the company’s stock worth $19,575,000 after purchasing an additional 1,182,465 shares during the period. Legal & General Group Plc increased its position in Lithium Americas by 212.7% during the 4th quarter. Legal & General Group Plc now owns 3,062,306 shares of the company’s stock valued at $13,349,000 after buying an additional 2,082,891 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Lithium Americas by 1.7% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,755,404 shares of the company’s stock valued at $7,350,000 after acquiring an additional 45,941 shares in the last quarter. Finally, Invesco Ltd. increased its stake in Lithium Americas by 44.3% during the 3rd quarter. Invesco Ltd. now owns 2,405,568 shares of the company’s stock valued at $13,736,000 after purchasing an additional 739,007 shares in the last quarter.

Lithium Americas Company Profile

Lithium Americas Corp. is a Vancouver?based resource company focused on the development of lithium projects to support the global transition to electric vehicles and renewable energy storage. The company specializes in advancing lithium brine and claystone assets through feasibility studies, environmental permitting and engineering design. Its technical teams work to produce high?purity lithium chemicals, including lithium carbonate and lithium hydroxide, for battery manufacturers worldwide.

Lithium Americas’ two flagship projects are the Cauchari?Olaroz lithium brine operation in Jujuy Province, Argentina—developed in partnership with Ganfeng Lithium—and the Thacker Pass lithium clay deposit in northern Nevada, United States.