Lithium Americas (NYSE:LAC) Upgraded at Canaccord Genuity Group

Canaccord Genuity Group upgraded shares of Lithium Americas (NYSE:LAC) from a hold rating to a speculative buy rating in a report published on Thursday morning, Marketbeat.com reports.

Several other research analysts have also commented on the company. JPMorgan Chase & Co. initiated coverage on Lithium Americas in a research report on Wednesday, September 9th. They set an “overweight” rating and a $6.00 price target for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Lithium Americas in a report on Friday, July 24th. Wall Street Zen upgraded Lithium Americas from a “strong sell” rating to a “sell” rating in a report on Saturday, August 15th. BMO Capital Markets set a $3.50 target price on Lithium Americas in a research note on Tuesday, October 6th. Finally, The Goldman Sachs Group initiated coverage on Lithium Americas in a report on Wednesday, July 1st. They set a “neutral” rating and a $4.50 target price for the company. Four research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Lithium Americas currently has an average rating of “Hold” and an average price target of $5.25.

Lithium Americas Stock Performance

NYSE:LAC opened at $2.19 on Thursday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 5.47 and a current ratio of 5.47. The stock has a market capitalization of $793.24 million, a P/E ratio of -5.91 and a beta of 2.64. The company has a 50 day moving average price of $2.85 and a 200 day moving average price of $3.75. Lithium Americas has a fifty-two week low of $2.04 and a fifty-two week high of $7.25.

Lithium Americas (NYSE:LAC) last posted its earnings results on Thursday, August 13th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.02. Equities research analysts forecast that Lithium Americas will post -0.07 EPS for the current year.

Hedge Funds Weigh In On Lithium Americas

Several hedge funds and other institutional investors have recently made changes to their positions in LAC. Teamwork Financial Advisors LLC raised its stake in Lithium Americas by 3.9% in the second quarter. Teamwork Financial Advisors LLC now owns 893,395 shares of the company’s stock valued at $3,440,000 after buying an additional 33,475 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Lithium Americas by 229.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 565,135 shares of the company’s stock worth $2,231,000 after buying an additional 393,842 shares during the last quarter. Revisor Wealth Management LLC boosted its position in shares of Lithium Americas by 7.4% during the 1st quarter. Revisor Wealth Management LLC now owns 393,552 shares of the company’s stock worth $1,555,000 after acquiring an additional 27,134 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Lithium Americas by 11.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 343,290 shares of the company’s stock worth $1,363,000 after acquiring an additional 35,131 shares in the last quarter. Finally, Credit Industriel ET Commercial acquired a new position in shares of Lithium Americas during the 1st quarter worth about $908,000.

About Lithium Americas

Lithium Americas Corp. is a lithium development company focused on advancing domestic battery-materials production in North America. Its principal asset is the Thacker Pass lithium project in Humboldt County, Nevada, one of the largest known lithium deposits in the United States. The project is designed to produce battery-grade lithium carbonate for use in electric vehicle batteries and other energy-storage applications.

Thacker Pass is being developed in phases and is expected to use a processing method intended to recover lithium from sedimentary claystone.