Lithium Americas (NYSE:LAC) Earns Overweight Rating from Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. started coverage on shares of Lithium Americas (NYSE:LAC) in a research note published on Wednesday, MarketBeat.com reports. The brokerage issued an overweight rating and a $6.00 price target on the stock.

Other equities analysts have also issued reports about the stock. Scotia decreased their price objective on shares of Lithium Americas from $5.00 to $4.50 and set a “sector perform” rating for the company in a report on Monday, May 25th. Wall Street Zen upgraded Lithium Americas from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Lithium Americas in a report on Friday, July 24th. BMO Capital Markets decreased their price target on Lithium Americas from $4.50 to $4.00 and set a “market perform” rating for the company in a research note on Friday, August 14th. 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 price target on the stock. Three investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $5.44.

Lithium Americas Stock Down 3.5%

Shares of Lithium Americas stock opened at $2.92 on Wednesday. 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 $1.06 billion, a PE ratio of -7.88 and a beta of 2.59. Lithium Americas has a 52-week low of $2.67 and a 52-week high of $10.52. The company has a 50-day simple moving average of $3.11 and a two-hundred day simple moving average of $4.08.

Lithium Americas (NYSE:LAC) last issued its earnings results on Thursday, August 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.02. On average, analysts anticipate that Lithium Americas will post -0.11 EPS for the current fiscal year.

Institutional Trading of Lithium Americas

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LAC. Millennium Management LLC grew its position in shares of Lithium Americas by 1,188.3% during the 3rd quarter. Millennium Management LLC now owns 3,307,103 shares of the company’s stock valued at $18,885,000 after acquiring an additional 3,050,405 shares during the period. Van ECK Associates Corp raised its holdings in Lithium Americas by 20.8% in the 4th quarter. Van ECK Associates Corp now owns 17,495,908 shares of the company’s stock worth $76,282,000 after purchasing an additional 3,016,293 shares during the period. Legal & General Group Plc raised its holdings in Lithium Americas by 212.7% in the 4th quarter. Legal & General Group Plc now owns 3,062,306 shares of the company’s stock worth $13,349,000 after purchasing an additional 2,082,891 shares during the period. Trexquant Investment LP purchased a new position in Lithium Americas during the fourth quarter valued at $6,055,000. Finally, Balyasny Asset Management L.P. purchased a new position in Lithium Americas during the fourth quarter valued at $4,958,000.

About Lithium Americas

Lithium Americas Corp. is a Vancouver‐based resource company focused on the development of lithium projects to support the global transition to electric vehicles and renewable energy storage. The company specializes in advancing lithium brine and claystone assets through feasibility studies, environmental permitting and engineering design. Its technical teams work to produce high‐purity lithium chemicals, including lithium carbonate and lithium hydroxide, for battery manufacturers worldwide.

Lithium Americas’ two flagship projects are the Cauchari‐Olaroz lithium brine operation in Jujuy Province, Argentina—developed in partnership with Ganfeng Lithium—and the Thacker Pass lithium clay deposit in northern Nevada, United States.