Lithium Americas (NYSE:LAC) Raised to “Speculative Buy” at Canaccord Genuity Group

Lithium Americas (NYSE:LAC) was upgraded by stock analysts at Canaccord Genuity Group from a “hold” rating to a “speculative buy” rating in a research report issued to clients and investors on Thursday, MarketBeat reports.

Several other equities research analysts have also commented on LAC. Weiss Ratings reiterated a “sell (d-)” rating on shares of Lithium Americas in a research note on Friday, July 24th. JPMorgan Chase & Co. assumed coverage on Lithium Americas in a research report on Wednesday, September 9th. They issued an “overweight” rating and a $6.00 target price on the stock. 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 began coverage on Lithium Americas in a research note on Wednesday, July 1st. They issued a “neutral” rating and a $4.50 price target on the stock. Finally, BMO Capital Markets set a $3.50 price target on Lithium Americas in a research report on Tuesday, October 6th. Four equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $5.25.

Lithium Americas Stock Down 5.2%

LAC stock opened at $2.08 on Thursday. Lithium Americas has a 52 week low of $2.06 and a 52 week high of $10.52. The company has a quick ratio of 5.47, a current ratio of 5.47 and a debt-to-equity ratio of 0.81. The firm has a 50-day simple moving average of $2.89 and a 200-day simple moving average of $3.78. The stock has a market capitalization of $756.94 million, a P/E ratio of -5.63 and a beta of 2.64.

Lithium Americas (NYSE:LAC) last issued 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. Equities analysts forecast that Lithium Americas will post -0.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lithium Americas

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

Lithium Americas Company Profile

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.