Piper Sandler Cuts Lithium Americas (NYSE:LAC) Price Target to $3.50

Lithium Americas (NYSE:LAC) had its price objective reduced by equities research analysts at Piper Sandler from $3.90 to $3.50 in a report issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s target price points to a potential upside of 2.34% from the stock’s previous close.

A number of other analysts have also commented on LAC. B. Riley lifted their target price on shares of Lithium Americas from $4.50 to $5.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. National Bank Financial raised shares of Lithium Americas from a “sector perform” rating to an “outperform” rating in a research report on Thursday, October 17th. Scotiabank reduced their price target on shares of Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating on the stock in a research report on Friday, October 18th. Wedbush assumed coverage on shares of Lithium Americas in a research report on Thursday, December 19th. They set a “neutral” rating and a $5.00 price target on the stock. Finally, BMO Capital Markets raised shares of Lithium Americas to a “hold” rating in a research report on Wednesday, October 23rd. Seven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $5.51.

Lithium Americas Stock Performance

Shares of LAC stock opened at $3.42 on Tuesday. The firm’s 50 day moving average price is $3.63 and its two-hundred day moving average price is $3.00. Lithium Americas has a 52-week low of $2.02 and a 52-week high of $7.71. The stock has a market cap of $754.74 million, a PE ratio of -28.50 and a beta of 1.67.

Institutional Investors Weigh In On Lithium Americas

Several institutional investors and hedge funds have recently added to or reduced their stakes in LAC. Marshall Wace LLP bought a new stake in Lithium Americas during the 2nd quarter worth about $10,252,000. Point72 Asset Management L.P. increased its stake in shares of Lithium Americas by 580.1% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,857,193 shares of the company’s stock worth $4,977,000 after purchasing an additional 1,584,123 shares during the last quarter. Teamwork Financial Advisors LLC increased its stake in shares of Lithium Americas by 2,274.3% during the 3rd quarter. Teamwork Financial Advisors LLC now owns 398,760 shares of the company’s stock worth $1,077,000 after purchasing an additional 381,965 shares during the last quarter. Merewether Investment Management LP acquired a new position in shares of Lithium Americas during the 2nd quarter worth about $858,000. Finally, HITE Hedge Asset Management LLC acquired a new position in shares of Lithium Americas during the 3rd quarter worth about $787,000.

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.