The Pilbara Minerals Ltd (ASX: PLS) share price increased by almost 4% today. The gain means that shares in the lithium miner have gone up by more than 20% since 15 March 2022.
The Pilbara Minerals share price has seen a lot of volatility since the start of 2022. It’s only down by 12% in the 2022 calendar year right now. However, it was down 33% from the 2022 high in January to the mid-March low.
While Tesla Inc (NASDAQ: TSLA) and Pilbara Minerals are different businesses, it may be worth noting the electric vehicle maker has also seen a very sharp recovery of its share price in the last week or so. Since 14 March 2022, the Tesla share price has climbed by around 30%.
What’s going on with the Pilbara Minerals share price?
There hasn’t been any official news out of the company since it released its FY22 half-year result a month ago.
However, lithium prices have been climbing this year.
Pilbara Minerals said that since the end of its half-year, pricing has continued to increase, with price reporting agencies indicating spot spodumene concentrate (lithium) prices in the range of US$3,750 to US$4,500 per dry metric tonne.
In the half-year period, Pilbara Minerals achieved an average selling price of around US$1,250 per dry metric tonne, so there has been a substantial increase.
The broker Macquarie thinks there’s more upside to the Pilbara Minerals share price, with a price target of $3.50 and a buy rating. That implies an upside of more than 10%. Macquarie thought the impending loss of Pilbara Minerals CEO Ken Brinsden was a negative, but the high lithium price is helpful to the thesis.
The post Full charge ahead: The Pilbara Minerals (ASX:PLS) share price lifts another 4% today appeared first on The Motley Fool Australia.
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More reading
- Here are the 3 most heavily traded ASX 200 shares this Wednesday
- Elon Musk wants Tesla to be much, much bigger
- Why Tesla shares are up ahead of ‘Delivery day’
- The Pilbara Minerals (ASX:PLS) share price has leapt 12% in 4 days. What’s happening?
- These ASX 200 shares are topping the volume charts on Friday
Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Tesla. The Motley Fool Australia has no position in any of the stocks mentioned. 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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