3 Cheap Solid State Battery Stocks to Buy

2. Albemarle Corporation (NYSE:ALB)

P/E ratio as of July 25: 6.82

Number of Hedge Fund Investors: 41

Albemarle Corporation (NYSE:ALB) is an American specialty chemicals manufacturing company based in Charlotte, North Carolina. It operates 3 divisions: lithium, bromine specialties and catalysts. A notable company involved in the solid-state battery market, the company specializes in the development, manufacturing, and marketing of sophisticated, high-value products. These include catalysts, bromine and its derivatives, as well as lithium compounds.

As of May 18, UBS analyst John Roberts upgraded Albemarle Corporation (NYSE:ALB)’s rating from Neutral to Buy and raised the price target to $255, previously $196. The decision was influenced by the changing landscape of lithium pricing in China and the expected adjustments in 2023 earnings. The analyst’s positive outlook stems from a sense of optimism surrounding the company.

According to Insider Monkey’s first quarter database, 41 hedge funds were bullish on Albemarle Corporation (NYSE:ALB), compared to 46 funds in the last quarter. Of these, Paul Marshall And Ian Wace’s Marshall Wace LLP was a notable shareholder, with total stakes amounting to approximately $49.1 million.

Carillon Tower Advisors made the following comment about Albemarle Corporation (NYSE:ALB) in its Q4 2022 investor letter:

“Albemarle Corporation (NYSE:ALB) is a global specialty chemicals company with leading positions in lithium, bromine, and refining catalysts. The stock gave back some of its recent gains amid investor concerns about how the future price of lithium could be affected by a potential decelerating rate of growth in overall electric vehicle (EV) production and demand, primarily in China. Despite these potential near-term headwinds, longer-term the global lithium market remains tight, and Albemarle plays a critical role in the battery value chain and remains well-positioned for the overall continued global adoption of EVs.”