10 Best Lithium and Battery Stocks to Buy Now

1. Albemarle Corporation (NYSE:ALB)

Number of hedge fund investors: 39

Albemarle Corporation (NYSE:ALB), which manufactures specialty chemicals, operates through three segments: lithium, bromine specialties, and catalysts.

What’s most staggering about this stock is that its current price, as of writing this article, stands at $96.27, and the investors have set a price target of $143.86 – that’s an upside potential of a staggering 49.43%! More so, 39 hedge funds hold on to this stock, as of Q1 2024, with an invested value of $695.2 million, with the biggest chunk invested by Citadel Investment Group.

Following was said about the lithium segment in the company’s Q1 earnings call:

“We are on track to deliver more than $280 million in productivity improvements in 2024, demonstrating our excellent execution. To drive lithium market transparency and discovery, we held several successful bidding events for spodumene concentrate and lithium carbonate in March and April. We are encouraged by the results and level of participation to date and plan to continue these efforts. We continue to advance our in-flight growth projects that are near completion or in start-up to deliver near-term volume growth and cash flow. In particular, we’ve reached important new milestones at Kemerton I and Meishan. Finally, the year so far has developed as we expected, and we are reaffirming our full year 2024 outlook ranges that are based on observed lithium market price scenarios that we included for the first time last quarter.”

While we acknowledge the potential of Albemarle as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than Albemarle  but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: Analyst Sees a New $25 Billion “Opportunity” for NVIDIA and Jim Cramer is Recommending These 10 Stocks in June.

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