5 Best Lithium Stocks to Buy Now

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1. Albemarle Corporation (NYSE:ALB)

Number of Hedge Fund Holders: 39

Albemarle Corporation (NYSE:ALB) is a specialty chemical manufacturer and seller headquartered in Charlotte, North Carolina, United States. The company offers several different kinds of lithium compounds that are used in a wide variety of applications.

Albemarle Corporation (NYSE:ALB)’s latest quarter saw it grow its revenues annually by 91%, as it beat Wall Street estimates. Out of these, lithium accounted for 60%, growing over 2021 when it accounted for 42% of the overall revenues. During the same time period, the company’s lithium sales increased by 178% annually, with volumes growing by 18%. Finally, by the end of this year, Albemarle Corporation (NYSE:ALB)’s expects its operating income to grow by as much as 300% annually.

Deutsche Bank increased Albemarle Corporation (NYSE:ALB)’s share price target to $270 from $255 in August 2022, sharing that the second quarter results were impressive. Insider Monkey’s Q2 2022 survey of 895 hedge funds revealed that 39 had bought the company’s shares.

Paul Marshall and Ian Wace’s Marshall Wace LLP is Albemarle Corporation (NYSE:ALB)’s largest investor. It owns 739,388 shares that are worth $154 million.

Disclosure: None. You can also take a look at 10 High Dividend Stocks to Shore Up Your Cash Position Before Recession Begins and Best Defensive Stocks Under $50.

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