Lithium Americas (Argentina) (NYSE:LAAC) Trading 6% Higher – Here’s Why

Lithium Americas (Argentina) Corp. (NYSE:LAAC) rose 6% on Wednesday . The company traded as high as $3.54 and last traded at $3.54. Approximately 562,756 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 1,481,189 shares. The stock had previously closed at $3.34.

Wall Street Analysts Forecast Growth

LAAC has been the subject of a number of analyst reports. Hsbc Global Res upgraded Lithium Americas (Argentina) to a “strong-buy” rating in a report on Wednesday, August 14th. Scotiabank reduced their target price on Lithium Americas (Argentina) from $8.00 to $4.25 and set a “sector outperform” rating for the company in a research note on Thursday, August 15th. Finally, HSBC upgraded Lithium Americas (Argentina) from a “hold” rating to a “buy” rating in a research note on Wednesday, August 14th. Four research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Lithium Americas (Argentina) has an average rating of “Moderate Buy” and an average price target of $7.05.

Lithium Americas (Argentina) Stock Performance

The company has a 50 day moving average price of $2.68 and a 200 day moving average price of $3.76. The company has a market capitalization of $559.47 million, a PE ratio of 0.44 and a beta of 1.33.

Lithium Americas (Argentina) (NYSE:LAAC) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.02).

Hedge Funds Weigh In On Lithium Americas (Argentina)

Several large investors have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC bought a new position in Lithium Americas (Argentina) during the second quarter worth $102,000. Decade Renewable Partners LP increased its position in Lithium Americas (Argentina) by 102.7% in the second quarter. Decade Renewable Partners LP now owns 547,625 shares of the company’s stock worth $1,752,000 after buying an additional 277,500 shares during the period. Fairscale Capital LLC acquired a new stake in Lithium Americas (Argentina) in the second quarter worth $31,000. Vanguard Personalized Indexing Management LLC acquired a new stake in Lithium Americas (Argentina) in the second quarter worth $36,000. Finally, Mercer Global Advisors Inc. ADV increased its position in Lithium Americas (Argentina) by 8.9% in the second quarter. Mercer Global Advisors Inc. ADV now owns 67,635 shares of the company’s stock worth $216,000 after buying an additional 5,503 shares during the period. 49.17% of the stock is currently owned by institutional investors.

About Lithium Americas (Argentina)

Lithium Americas (Argentina) Corp. operates as a resource company. The company explores for lithium deposits. The company owns interests in the Cauchari-Olaroz project located in Jujuy province of Argentina. It also has a pipeline of development and exploration stage projects, including the Pastos Grandes project and the Sal de la Puna project located in Salta Province in northwestern Argentina.