Standard Lithium (NYSEAMERICAN:SLI) Shares Gap Up – Still a Buy?

Standard Lithium Ltd. (NYSEAMERICAN:SLI) shares gapped up before the market opened on Tuesday . The stock had previously closed at $5.13, but opened at $5.35. Standard Lithium shares last traded at $5.31, with a volume of 881,753 shares traded.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SLI. Roth Capital decreased their price objective on shares of Standard Lithium from $6.00 to $5.50 and set a “buy” rating for the company in a research report on Wednesday, November 12th. BMO Capital Markets reiterated an “outperform” rating on shares of Standard Lithium in a research note on Thursday, October 23rd. Finally, Canaccord Genuity Group lifted their price target on Standard Lithium from $5.00 to $7.50 and gave the stock a “speculative buy” rating in a report on Tuesday, October 21st. Three investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Standard Lithium has a consensus rating of “Buy” and an average price target of $5.25.

Standard Lithium Stock Performance

The firm has a market cap of $1.23 billion, a P/E ratio of -23.32 and a beta of 1.73. The firm’s fifty day moving average is $4.46 and its 200 day moving average is $3.62.

Hedge Funds Weigh In On Standard Lithium

Institutional investors and hedge funds have recently made changes to their positions in the company. Aquatic Capital Management LLC acquired a new stake in Standard Lithium during the 3rd quarter worth approximately $26,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in Standard Lithium during the 2nd quarter worth $27,000. Bank of America Corp DE lifted its holdings in shares of Standard Lithium by 64.4% during the second quarter. Bank of America Corp DE now owns 15,412 shares of the company’s stock worth $30,000 after buying an additional 6,040 shares in the last quarter. WINTON GROUP Ltd acquired a new stake in shares of Standard Lithium during the second quarter worth $36,000. Finally, HBK Sorce Advisory LLC bought a new stake in shares of Standard Lithium in the third quarter valued at about $41,000. Institutional investors and hedge funds own 16.70% of the company’s stock.

About Standard Lithium

Standard Lithium (NYSEAMERICAN: SLI) is a mineral exploration and development company focused on the extraction of lithium from sedimentary brine resources. Utilizing direct lithium extraction (DLE) processes, the company aims to deliver high-purity lithium carbonate and lithium hydroxide suitable for the battery and electric vehicle markets. Standard Lithium’s technology is designed to accelerate lithium recovery rates while minimizing environmental impact compared to traditional solar evaporation methods.

The company’s flagship project is located in the Smackover Formation of southern Arkansas, in collaboration with chemical producer LANXESS.