Lithium Americas (NYSE:LAC) Shares Up 3.2% – Here’s Why

Lithium Americas Corp. (NYSE:LAC)’s stock price traded up 3.2% during trading on Tuesday . The stock traded as high as $5.11 and last traded at $5.0260. 11,434,899 shares were traded during mid-day trading, a decline of 30% from the average session volume of 16,254,129 shares. The stock had previously closed at $4.87.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on LAC. TD Cowen restated a “hold” rating and set a $5.00 price objective on shares of Lithium Americas in a research note on Thursday, September 25th. 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 note on Thursday, November 6th. Canaccord Genuity Group raised Lithium Americas from a “sell” rating to a “hold” rating in a research report on Wednesday, November 19th. BMO Capital Markets raised their target price on Lithium Americas from $3.50 to $5.00 and gave the company a “market perform” rating in a research report on Thursday, October 2nd. Finally, TD Securities cut shares of Lithium Americas from a “buy” rating to a “hold” rating and set a $5.00 price objective for the company. in a research report on Thursday, September 25th. Three equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $5.33.

Lithium Americas Stock Up 3.2%

The company has a debt-to-equity ratio of 0.84, a quick ratio of 3.77 and a current ratio of 3.77. The business’s 50 day moving average price is $5.91 and its 200-day moving average price is $3.91. The firm has a market capitalization of $1.53 billion, a PE ratio of -4.79 and a beta of 1.42.

Lithium Americas (NYSE:LAC) last announced its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. As a group, equities research analysts forecast that Lithium Americas Corp. will post -0.12 earnings per share for the current year.

Insider Buying and Selling

In other Lithium Americas news, VP Alexi Illya Zawadzki sold 353,914 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $9.48, for a total transaction of $3,355,104.72. Following the sale, the vice president owned 40,005 shares of the company’s stock, valued at approximately $379,247.40. This trade represents a 89.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Edward Grandy sold 6,183 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the senior vice president owned 135,466 shares of the company’s stock, valued at approximately $609,597. This represents a 4.37% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 364,860 shares of company stock worth $3,404,362. 1.11% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Van ECK Associates Corp increased its holdings in Lithium Americas by 158.1% in the third quarter. Van ECK Associates Corp now owns 14,479,615 shares of the company’s stock valued at $82,679,000 after buying an additional 8,868,971 shares in the last quarter. Millennium Management LLC increased its stake in Lithium Americas by 1,188.3% in the 3rd quarter. Millennium Management LLC now owns 3,307,103 shares of the company’s stock valued at $18,885,000 after purchasing an additional 3,050,405 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in 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 worth $7,350,000 after purchasing an additional 45,941 shares during the last quarter. Invesco Ltd. grew its stake in Lithium Americas by 44.3% in the 3rd quarter. Invesco Ltd. now owns 2,405,568 shares of the company’s stock valued at $13,736,000 after acquiring an additional 739,007 shares during the last quarter. Finally, Old West Investment Management LLC acquired a new stake in Lithium Americas during the 3rd quarter valued at $7,647,000.

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.