5 Best Lithium and Battery Stocks To Buy

4. Sociedad Química y Minera de Chile S.A. (NYSE:SQM)

Number of Hedge Fund Holders: 29

Sociedad Química y Minera de Chile S.A. (NYSE:SQM) is a Chilean company that supplies plant nutrients. It is also one of the largest lithium producers in the world. 

Sociedad Química y Minera de Chile S.A. (NYSE:SQM)’s net earnings for Q2 2022 surged by 10x on a YoY basis. The company reported a net profit of $859.3 million, compared to $89.8 million in the previous year. However, the company missed the analyst estimates of $876.4 million. In Q2 2021, the firm made total lithium sales of $163 million, which jumped to $1.85 billion in the recent June quarter. Sociedad Química y Minera de Chile S.A. (NYSE:SQM) recorded revenues of $2.6 billion, ahead of estimates by $260 million. In addition, the EBITDA was reported at $1.3 billion, up from $200 million in the prior year quarter.

On August 8, Deutsche Bank analyst Corinne Blanchard reiterated a Buy rating on Sociedad Química y Minera de Chile S.A. (NYSE:SQM). The analyst raised the price target on the firm to $115 from $105 and added that the company’s upside momentum continues and its analyst day “could unlock further growth strategy plans”.