Lithium mining stocks have been on the rise in recent years, as the demand for lithium batteries has exploded. A number of companies have significant holdings in Lithium deposits, and these companies are reaping the benefits. Lithium stocks can be a good investment for a number of reasons.
First, Lithium is an essential component in Lithium-ion batteries, which are used in a wide range of devices, from cell phones to laptops. As the demand for these batteries continues to grow, so too will the demand for Lithium.
Second, Lithium is a relatively rare element, and there are only a handful of companies that have significant Lithium deposits. This gives these companies a considerable advantage over their competitors. For all these reasons, Lithium mining stocks are a good investment for those who are looking to profit from the increasing demand for lithium. With this in mind, let’s check out two top lithium mining stocks in the stock market today.
Lithium Mining Stocks To Buy [Or Sell] Today
Albemarle (ALB Stock)
First up, Albemarle Corporation (ALB) Albemarle Corporation is a chemical manufacturing company. In brief, Albemarle is the world’s largest producer of lithium, a key component in electric car batteries. The company also produces bromine and catalysis and provides environmental services.
ALB Recent Stock News
Just this month, Albemarle reported a beat for its third-quarter 2022 financial results. Diving in, the company reported Q3 2022 earnings of $7.50 per share and revenue of $2.1 billion. Impressively, ALB reported a 151.9% increase in revenue versus the same period, in 2021. What’s more, Albemarle said it expects FY 2022 earnings between $19.75 to $21.75 per share and revenue estimates between $7.10 to $7.40 billion.
Additionally, Albemarle CEO Kent Masters commented, “As one of the world’s largest producers of lithium, we are well positioned to enable the global energy transition. With our acquisition of the Qinzhou lithium conversion plant in China and mechanical completion of our Kemerton II expansion in Australia, we are on track to more than double our lithium conversion capacity compared to last year.“
ALB Stock Chart
So far this year, shares of ALB stock have increased 19.96%, outperforming the broader markets year-to-date. Meanwhile, on Friday, ALB stock is set to open at around $278.32 a share.
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Sociedad Quimica y Minera (SQM Stock)
Next, Sociedad Quimica y Minera (SQM), also known as SQM, is a Chilean chemical and mining company. SQM is one of the world’s largest producers of lithium. The company also produces other minerals and chemicals used in a variety of industries, including agriculture, automotive, and construction.
SQM Recent Stock News
This month, SQM announced better-than-expected 3rd quarter 2022 financial results. In the quarter, SQM notched in earnings of $3.85 per share, on revenue of $3 billion. These revenue figures represent a 347.1% increase versus the same period, in 2021.
Furthermore, SQM’s CEO, Ricardo Ramos, said, “We are very pleased with our results for the first nine months of the year. We have believed in the lithium market for many years, and as a result of this, we have invested heavily in R&D and have quickly expanded capacity. During the first nine months of the year, we were successfully able to surpass our internal production goals in the business and our sales volumes in the third quarter were the highest we have ever reported.“
SQM Stock Chart
In 2022 so far, SQM stock has surged 95.90%, outperforming the overall markets year-to-date. On Friday morning, shares of SQM stock are set to open at approximately $96.82 a share.
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