Standard Lithium (NYSEAMERICAN:SLI) Shares Gap Up – Time to Buy?

Standard Lithium Ltd. (NYSEAMERICAN:SLI)’s share price gapped up prior to trading on Monday . The stock had previously closed at $2.37, but opened at $2.61. Standard Lithium shares last traded at $2.58, with a volume of 879,214 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Evercore initiated coverage on Standard Lithium in a research report on Wednesday, April 29th. They set an “outperform” rating and a $4.75 target price on the stock. Four equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $5.92.

Standard Lithium Price Performance

The business’s 50 day moving average price is $2.73 and its 200 day moving average price is $3.59. The firm has a market cap of $603.70 million, a PE ratio of -11.14 and a beta of 1.83.

Standard Lithium (NYSEAMERICAN:SLI) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.01. As a group, analysts predict that Standard Lithium Ltd. will post -0.06 earnings per share for the current year.

Hedge Funds Weigh In On Standard Lithium

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Amundi boosted its stake in Standard Lithium by 64.9% during the 1st quarter. Amundi now owns 1,779,555 shares of the company’s stock worth $6,068,000 after purchasing an additional 700,555 shares during the last quarter. Encompass Capital Advisors LLC acquired a new stake in shares of Standard Lithium in the fourth quarter valued at about $36,000,000. Walleye Capital LLC raised its position in shares of Standard Lithium by 49.9% in the first quarter. Walleye Capital LLC now owns 733,391 shares of the company’s stock valued at $2,501,000 after buying an additional 244,115 shares during the last quarter. Millennium Capital Advisors LLC purchased a new position in shares of Standard Lithium in the fourth quarter worth about $1,060,000. Finally, Apella Capital LLC lifted its stake in shares of Standard Lithium by 39.1% in the first quarter. Apella Capital LLC now owns 13,909 shares of the company’s stock worth $47,000 after buying an additional 3,909 shares in the last quarter. Hedge funds and other institutional investors own 16.70% of the company’s stock.

Standard Lithium Company Profile

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.