Lithium Americas Corp. (NYSE:LAC) shares are trading lower Thursday after the company priced a $275 million public offering.
The Details:
Lithium Americas announced the offering of 55,000,000 of its common shares at a price to the public of $5.00 per share for aggregate gross proceeds to the company of $275 million.
The company intends to use the net proceeds to advance the construction and development of its Thacker Pass lithium project in Humboldt County, Nevada. The offering is expected to close on April 22 and is subject to customary closing conditions.
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Will LAC Stock Go Up?
When trying to assess whether or not Lithium Americas will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $7.25 on Lithium Americas. The Street high target is currently at $9 and the Street low target is $5.50. Of all the analysts covering Lithium Americas, one has positive ratings, one has neutral ratings and no one has negative ratings.
In the last month, no analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Lithium Americas have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Lithium Americas is 52.08% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about Lithium Americas, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
LAC Price Action: According to Benzinga Pro, Lithium Americas shares are down 27.3% at $4.81 at the time of publication Thursday.
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