5 Lithium Stocks Billionaires Are Loading Up On

3. Rio Tinto Group (NYSE:RIO)

Number of Hedge Fund Holders: 33

Number of Billionaire Investors: 8

Rio Tinto Group (NYSE:RIO) is involved in the global exploration, extraction, and refinement of mineral resources. Their product range includes lithium, aluminum, copper, iron ore, diamonds, gold, borates, titanium dioxide, salt, silver, and molybdenum. It is one of the top lithium stocks on the radar of billionaires. 

On May 26, Morgan Stanley analyst Alain Gabriel upgraded Rio Tinto Group (NYSE:RIO) to Overweight from Equal Weight. Despite concerns about demand and declining iron ore prices affecting Rio’s stock valuation, the analyst believes this presents a chance to invest in a company with exceptional assets, an expanding copper presence, improving operational performance, and excellent potential for capital returns. The analyst maintained an unchanged price target of 5,800 GBp on the stock and suggested that the current uncertainties surrounding the shares actually create buying opportunities for investors.

According to Insider Monkey’s first quarter database, 33 hedge funds were bullish on Rio Tinto Group (NYSE:RIO). Among these, 8 hedge funds were managed by billionaire investors, with Ken Griffin of Citadel Investment Group being one of them.