5 Best Lithium Battery Stocks to Buy Now

1. Albemarle Corporation (NYSE:ALB)

Number of Hedge Fund Holders: 49

Albemarle Corporation (NYSE:ALB) is a global specialty chemicals company with leading positions in lithium, bromine, and refining catalysts. The company has a broad customer base in the electric vehicles and consumer electronics markets. Albemarle Corporation (NYSE:ALB) has a long history of innovation and has been a pioneer in the development of lithium-based technologies. The company’s lithium business is among the world’s largest. Albemarle Corporation (NYSE:ALB) is one of the best lithium battery stocks to buy now.

On November 2, Albemarle Corporation (NYSE:ALB) reported earnings for the third quarter of fiscal 2022. The company generated a revenue of $2.09 billion, up 151.85% year over year, and reported earnings per share of $7.50, outperforming Wall Street consensus by $0.51.

On November 7, Deutsche Bank analyst Corinne Blanchard raised her price target on Albemarle Corporation (NYSE:ALB) to $325 from $305 and maintained a Buy rating on the shares. This November, RBC Capital analyst Arun Viswanathan raised his price target on Albemarle Corporation (NYSE:ALB) to $380 from $371 and reiterated an Outperform rating on the shares.

At the close of Q3 2022, 49 hedge funds were long Albemarle Corporation (NYSE:ALB) and disclosed stakes worth $621.4 million in the company. This is compared to 39 hedge funds in the previous quarter with stakes worth $600.6 million. The hedge fund sentiment for the stock is positive. As of September 30, Millennium Management is the top investor in Albemarle Corporation (NYSE:ALB) and has stakes worth $159.5 million in the company.

Here is what Carillon Tower Advisers had to say about Albemarle Corporation (NYSE:ALB) in its third-quarter 2022 investor letter:

“Albemarle Corporation (NYSE:ALB) is a global specialty chemicals company with leading positions in lithium, bromine, and refining catalysts. The company’s shares outperformed meaningfully in the quarter, driven largely by robust demand for lithium used to manufacture electric vehicle batteries. Albemarle is well-positioned for the accelerating adoption of electric vehicles and could benefit from the Inflation Reduction Act.”

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