Lithium Americas (Argentina) (NYSE:LAR) Shares Gap Up – Time to Buy?

Lithium Americas (Argentina) Corp. (NYSE:LAR)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $4.73, but opened at $4.93. Lithium Americas (Argentina) shares last traded at $5.09, with a volume of 695,373 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on LAR. Cormark upgraded Lithium Americas (Argentina) to a “moderate buy” rating in a research report on Wednesday, August 20th. Zacks Research raised Lithium Americas (Argentina) from a “strong sell” rating to a “hold” rating in a research note on Monday, September 15th. Weiss Ratings reiterated a “sell (d)” rating on shares of Lithium Americas (Argentina) in a report on Wednesday, October 8th. Finally, Scotiabank boosted their price objective on Lithium Americas (Argentina) from $3.50 to $4.25 and gave the stock a “sector perform” rating in a report on Wednesday, November 12th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $4.25.

Lithium Americas (Argentina) Stock Performance

The firm’s 50-day simple moving average is $4.70 and its 200 day simple moving average is $3.50. The company has a market cap of $814.75 million and a P/E ratio of -10.04.

Lithium Americas (Argentina) (NYSE:LAR) last announced its quarterly earnings data on Monday, November 10th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). As a group, research analysts forecast that Lithium Americas will post -0.05 earnings per share for the current year.

Institutional Trading of Lithium Americas (Argentina)

A number of hedge funds have recently modified their holdings of LAR. Mirabella Financial Services LLP bought a new position in Lithium Americas (Argentina) during the 3rd quarter worth approximately $189,000. Seldon Capital LP acquired a new stake in Lithium Americas (Argentina) in the third quarter worth $6,076,000. SIH Partners LLLP bought a new position in shares of Lithium Americas (Argentina) during the third quarter worth $57,000. Mercer Global Advisors Inc. ADV grew its holdings in shares of Lithium Americas (Argentina) by 4.7% in the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 96,068 shares of the company’s stock valued at $321,000 after buying an additional 4,272 shares during the period. Finally, Millennium Management LLC increased its position in shares of Lithium Americas (Argentina) by 214.3% in the 3rd quarter. Millennium Management LLC now owns 406,728 shares of the company’s stock valued at $1,357,000 after buying an additional 277,300 shares in the last quarter. 49.17% of the stock is currently owned by institutional investors and hedge funds.

About Lithium Americas (Argentina)

Lithium Argentina AG, a resource and materials company, focuses on advancing lithium projects in Argentina. The company owns interests in the Cauchari-Olaroz project located in Jujuy province; and the Pastos Grandes project located in Salta Province of Argentina. The company was formerly known as Lithium Americas (Argentina) Corp.