Lithium Americas (NYSE:LAC) Shares Gap Down to $6.63

Lithium Americas Corp. (NYSE:LAC)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $6.63, but opened at $4.84. Lithium Americas shares last traded at $4.80, with a volume of 11,375,919 shares traded.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on LAC. JPMorgan Chase & Co. upped their target price on Lithium Americas from $5.50 to $7.00 and gave the stock a “neutral” rating in a research report on Monday, March 18th. Scotiabank cut Lithium Americas from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the stock from $15.00 to $7.00 in a research report on Monday, March 18th. Evercore ISI cut their price target on Lithium Americas from $13.00 to $9.00 and set an “outperform” rating for the company in a report on Friday, March 15th. Finally, HSBC cut their price target on Lithium Americas from $6.50 to $5.10 and set a “hold” rating for the company in a report on Friday. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $12.18.

Lithium Americas Trading Up 1.4 %

The business has a fifty day moving average price of $5.77 and a 200 day moving average price of $6.38.

Lithium Americas (NYSE:LAC) last issued its earnings results on Friday, March 15th. The company reported ($0.08) EPS for the quarter, meeting analysts’ consensus estimates of ($0.08). Equities research analysts anticipate that Lithium Americas Corp. will post -0.15 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of LAC. JPMorgan Chase & Co. raised its stake in shares of Lithium Americas by 51.9% in the first quarter. JPMorgan Chase & Co. now owns 218,536 shares of the company’s stock valued at $8,412,000 after purchasing an additional 74,648 shares in the last quarter. Cetera Advisor Networks LLC acquired a new position in shares of Lithium Americas in the first quarter valued at $359,000. Citigroup Inc. acquired a new position in shares of Lithium Americas in the first quarter valued at $325,000. PNC Financial Services Group Inc. raised its stake in Lithium Americas by 725.0% during the first quarter. PNC Financial Services Group Inc. now owns 825 shares of the company’s stock worth $32,000 after acquiring an additional 725 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Lithium Americas during the first quarter worth $860,000.

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.