The Pilbara Minerals Ltd (ASX: PLS) share price is being boosted to new heights today despite the company’s silence.
For the first time, the lithium and tantalum producer’s stock has broken through the $3 mark. It’s a significant milestone for the company’s shares which started this year trading at just 87 cents.
At the time of writing, the Pilbara Minerals share price is $3.11, 5.07% higher than its previous close.
Earlier today, shares in the company were swapping hands for $3.145, marking a 6% gain and a new all-time high.
For context, the S&P/ASX 200 Index (ASX: XJO) is currently up 0.92%.
Let’s take a look at what could be driving the company’s stock today.
What might be boosting the Pilbara Minerals share price?
It’s a good day for Pilbara shareholders as the company’s share price surges amid reports 2022 is set to be another good year for lithium.
As The Australian reported over the ASX’s Christmas break, global analysts are predicting next year will see a surge in lithium acquisitions as international giants aim to get a stronger foothold in the industry.
That’s reflected in some brokers’ expectations for the Pilbara Minerals share price.
As The Motley Fool Australia recently reported, Macquarie Group Ltd (ASX: MQG) analysts have tipped the stock as a buy. They’ve slapped it with a $3.70 price target. That implies it has another 17% to gain on top of its shiny new record high.
According to the broker, its expectation for Pilbara Minerals rests on its prediction for lithium prices. It believes the lithium market will continue to strengthen over the coming year, taking the lithium producer’s stock higher in the process.
Though not all brokers are bullish on Pilbara Minerals’ future. Credit Suisse has placed a $2.05 price target on its shares.
Today’s gains follow on from last week’s mammoth surge. Over the last 8 days – of which, only 4 were trading days – the Pilbara Minerals share price has gained 23%.
The post Pilbara Minerals (ASX:PLS) share price surges 6% to hit new record high appeared first on The Motley Fool Australia.
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More reading
- Here are the top 10 ASX shares today
- Why AMP, Hipages, Pilbara Minerals, and Webjet shares are storming higher
- These 3 ASX 200 shares are topping the volume charts this Thursday
- What is the 2022 outlook for the Pilbara Minerals (ASX:PLS) share price?
- Here are the top 10 ASX shares today
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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