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

Shares of Lithium Americas Corp. (NYSE:LAC) gapped up before the market opened on Tuesday . The stock had previously closed at $5.76, but opened at $6.00. Lithium Americas shares last traded at $5.7350, with a volume of 5,894,254 shares.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on LAC shares. Wedbush boosted their price objective on shares of Lithium Americas from $5.00 to $8.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 1st. Scotiabank lifted their target price on Lithium Americas from $5.00 to $7.00 and gave the company a “sector perform” rating in a research note on Monday. TD Cowen restated a “hold” rating and set a $5.00 target price on shares of Lithium Americas in a research report on Thursday, September 25th. BMO Capital Markets raised their price target on Lithium Americas from $3.50 to $5.00 and gave the company a “market perform” rating in a report on Thursday, October 2nd. Finally, JPMorgan Chase & Co. upgraded Lithium Americas from an “underweight” rating to a “neutral” rating and set a $5.00 price objective for the company in a research report on Thursday, November 6th. Three research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $5.81.

Lithium Americas Stock Up 1.6%

The business has a fifty day moving average of $4.97 and a 200 day moving average of $4.47. The company has a quick ratio of 3.77, a current ratio of 3.77 and a debt-to-equity ratio of 0.84. The firm has a market cap of $1.78 billion, a P/E ratio of -5.59 and a beta of 1.57.

Lithium Americas (NYSE:LAC) last posted its earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.03. On average, equities research analysts predict that Lithium Americas Corp. will post -0.12 EPS for the current year.

Insider Buying and Selling

In other Lithium Americas news, SVP Edward Grandy sold 6,183 shares of the stock in a transaction on Friday, November 14th. The shares were sold at an average price of $4.50, for a total value of $27,823.50. Following the sale, the senior vice president directly owned 135,466 shares in the company, valued at approximately $609,597. This trade represents a 4.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have sold a total of 10,960 shares of company stock valued at $49,372 over the last ninety days. 1.11% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Lithium Americas

A number of hedge funds and other institutional investors have recently made changes to their positions in LAC. Harbour Investments Inc. lifted its position in Lithium Americas by 86.1% in the 2nd quarter. Harbour Investments Inc. now owns 9,900 shares of the company’s stock valued at $27,000 after acquiring an additional 4,580 shares in the last quarter. Quarry LP acquired a new stake in shares of Lithium Americas in the 3rd quarter valued at about $28,000. Walleye Capital LLC bought a new stake in shares of Lithium Americas in the second quarter valued at about $28,000. IHT Wealth Management LLC acquired a new position in shares of Lithium Americas during the second quarter worth about $28,000. Finally, International Assets Investment Management LLC bought a new position in shares of Lithium Americas during the second quarter worth about $32,000.

About Lithium Americas

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.