5 Best EV Battery Stocks To Invest In

1. Albemarle Corporation (NYSE:ALB)

Number of Hedge Fund Holders: 38

While Albemarle Corporation (NYSE:ALB) doesn’t directly manufacture EV batteries, the North Carolina-based company is one of the biggest lithium suppliers in the world. The company then produces lithium metals used in manufacturing EV batteries. Albemarle Corporation (NYSE:ALB) has operations in Chile, Australia, and the US.

Albemarle Corporation (NYSE:ALB) expanded its production in China in September following the acquisition of a Chinese lithium converter firm, Guangxi Tianyuan New Energy Materials Co., Ltd. The Chinese lithium factory manufactures battery-grade lithium carbonate and lithium hydroxide, with an annual capacity of 25,000 metric tons of lithium carbonate equivalent (LCE).

On November 3, the lithium manufacturer reported third-quarter earnings that exceeded consensus estimates by $65.9 million. Albemarle Corporation’s (NYSE:ALB) revenue in the third quarter was $831 million, an increase of 11% year on year. The company’s revenue from the lithium segment jumped 35% year on year to $359.2 million during the period, owing to increasing demand and higher lithium prices. 

On November 19, Berenberg analyst Andres Castanos-Mollor increased his price target for Albemarle Corporation (NYSE:ALB) to $298 from $280 while maintaining a Buy rating on the shares. Meanwhile, 38 hedge funds out of 867 funds tracked by Insider Monkey reported owning stakes in Albemarle Corporation (NYSE:ALB) at the end of the third quarter, up from 28 in the previous quarter. 

Here is what Carillon Tower Advisers has to say about Albemarle Corporation (NYSE:ALB) in its Q3 2021 investor letter:

“Albemarle is a global specialty chemicals company with leading positions in lithium, bromine, and refining catalysts. The firm’s shares outperformed in the quarter, driven largely by the current robust demand environment for lithium used in the manufacturing of electric vehicle batteries. As the global push towards the reduction of carbon emissions continues to gain steam, Albemarle is well-positioned to benefit from the accelerating adoption of electric vehicles.”

You can also take a peek at the 10 Best Solar Energy Stocks to Buy for 2022 and 10 Best Semiconductor Stocks to Buy for 2022.

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