Albemarle (ALB)

Oct 20, 2022Trade Ideas

Keep an eye on Albemarle (ALB).

While we’ve mentioned the stock a few times here, we’re again seeing reason to like the stock. For one, it’s a lithium stock that’s benefiting from a severe supply-demand imbalance, as electric vehicle sales accelerate. Two, the ALB stock is technically oversold at double bottom support. From a current price of $256.61, we’d like to see ALB again challenge $310 a share.

Three, ALB just received $150 million from the U.S. Energy Department. It’ll be used to help build Albemarle’s lithium concentrator at its Kings Mountain mine.

As noted by Barron’s, “Currently, most lithium is mined in Chile and Australia and converted into usable products in China. With EV sales in the U.S. rising, the Biden administration and the U.S. auto industry want to produce more EV materials domestically.”

“The new concentrator should supply up to 350,000 metric tons a year of spodumene concentrate for the conversion facility the company plans to build. The conversion plant is expected to eventually produce up to 100,000 metric tons of battery-grade lithium a year. That is enough for roughly 1.6 million EVs, according to the company,” they added.

ALB last traded up $4.84 to $256.61.

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