In this article, we discuss the 5 cheap lithium stocks to buy today. If you want to read about some more lithium stocks available at bargain prices, go directly to 10 Cheap Lithium Stocks to Buy Today.
5. Piedmont Lithium Inc. (NASDAQ:PLL)
Number of Hedge Fund Holders: 11
Share Price as of September 13: $61.62
Piedmont Lithium Inc. (NASDAQ:PLL), an exploration stage company, engages in the exploration and development of resource projects in the US. In early September, the company announced that it had selected Etowah in Tennessee as the location of a planned 30,000 metric tons per year lithium hydroxide operation. The plan is part of a larger push in the US to develop domestic supply chains for raw materials critical to energy transition policies. The facility will be the largest of its kind in the US.
In late June, Cowen analyst David Deckelbaum maintained an Outperform rating on Piedmont Lithium Inc. (NASDAQ:PLL) stock with a price target of $90, noting that the firm was a best small mid-cap, catalyst rich name, and a North American lithium growth story.
At the end of the second quarter of 2022, 11 hedge funds in the database of Insider Monkey held stakes worth $30 million in Piedmont Lithium Inc. (NASDAQ:PLL), compared to 20 the preceding quarter worth $73 million.
4. ChargePoint Holdings, Inc. (NYSE:CHPT)
Number of Hedge Fund Holders: 17
Share Price as of September 13: $17.88
ChargePoint Holdings, Inc. (NYSE:CHPT) provides electric vehicle (EV) charging networks and charging solutions. On August 30, the company posted earnings for the second quarter of 2022, reporting losses per share of $0.28, missing market estimates by $0.04. The revenue over the period was $108 million, up over 93% compared to the revenue over the same period last year and beating analyst estimates by $5 million. The firm said it expected third quarter revenue to be in the range of $125 million to $135 million versus consensus estimates of $131 million.
On September 7, Credit Suisse analyst Maheep Mandloi initiated coverage of ChargePoint Holdings, Inc. (NYSE:CHPT) stock with an Outperform rating and a price target of $22, noting the firm was benefiting from a capital-light growth model and first-mover advantage.
At the end of the second quarter of 2022, 17 hedge funds in the database of Insider Monkey held stakes worth $22.8 million in ChargePoint Holdings, Inc. (NYSE:CHPT), compared to 16 in the previous quarter worth $34.7 million.
3. QuantumScape Corporation (NYSE:QS)
Number of Hedge Fund Holders: 19
Share Price as of September 13: $11.27
QuantumScape Corporation (NYSE:QS) focuses on the development and commercialization of solid-state lithium-metal batteries for electric vehicles and other applications. In late July, the firm filed a $1 billion mixed securities shelf offering. The securities sold by the company in this offering could include Class A common stock, preferred stock, depositary shares, debt securities, warrants, subscription rights, purchase contracts, and units in one or more offerings and in any combination.
On July 28, Deutsche Bank analyst Emmanuel Rosner maintained a Hold rating on QuantumScape Corporation (NYSE:QS) stock and lowered the price target to $13 from $20, noting that clarity was needed for the QS-1 production plan of the firm.
At the end of the second quarter of 2022, 19 hedge funds in the database of Insider Monkey held stakes worth $84 million in QuantumScape Corporation (NYSE:QS), compared to 15 in the previous quarter worth $117 million.
2. Sociedad Quimica y Minera de Chile S.A. (NYSE:SQM)
Number of Hedge Fund Holders: 29
Share Price as of September 13: $107.67
Sociedad Quimica y Minera de Chile S.A. (NYSE:SQM) produces and distributes specialty plant nutrients, iodine and derivatives, lithium and derivatives, potassium chloride and sulfate, industrial chemicals, and other products and services. In late August, authorities in Chile approved an environmental plan for compliance regarding lithium projects in the country, boosting SQM stock. The newly approved plan will ultimately cost the company $52 million in investments, per news agency Reuters.
On August 22, Deutsche Bank analyst Corinne Blanchard maintained a Buy rating on Sociedad Quimica y Minera de Chile S.A. (NYSE:SQM) stock and raised the price target to $115 from $105, noting that the analyst day of the firm could unlock further growth strategy plans.
At the end of the second quarter of 2022, 29 hedge funds in the database of Insider Monkey held stakes worth $658.6 million in Sociedad Quimica y Minera de Chile S.A. (NYSE:SQM), compared to 28 the preceding quarter worth $493 million.
1. Livent Corporation (NYSE:LTHM)
Number of Hedge Fund Holders: 30
Share Price as of September 13: $33.34
Livent Corporation (NYSE:LTHM) manufactures and sells performance lithium compounds primarily used in lithium-based batteries, specialty polymers, and chemical synthesis applications. On August 2, the company posted earnings for the second quarter of 2022, reporting earnings per share of $0.31, in line with market estimates. The revenue over the period was $218 million, up over 114% compared to the revenue over the same period last year and beating analyst estimates by $9 million.
On August 8, investment advisory CICC initiated coverage of Livent Corporation (NYSE:LTHM) stock with an Outperform rating and a price target of $27.30.
Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Livent Corporation (NYSE:LTHM), with 75.9 million shares worth more than $206.6 million.
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