Lithium Stocks List: 5 Biggest Lithium Stocks

1. Albemarle Corporation (NYSE:ALB)

Number Of Hedge Fund Holders: 49

Albemarle Corporation (NYSE:ALB) is a specialty chemicals manufacturing company based in Charlotte, North Carolina. It operates through 3 divisions: lithium, bromine specialties and catalysts. As of 2020, Albemarle was the largest provider of lithium for electric vehicle batteries.

Earlier this November, RBC Capital analyst Arun Viswanathan raised the price target on Albemarle Corporation (NYSE:ALB) to $380 from $371 and maintained an Outperform rating on the shares after its Q3 earnings beat. The analyst states that he remains favorable on the stock due to a tight lithium supply-demand. However, he also remains cautious on the potential for large price swings in the lithium spot market.

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, an increase of 151.85% on a year-over-year, and reported earnings per share of $7.50, surpassing consensus estimates by $0.51.

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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