The Allkem Ltd (ASX: AKE) share price is taking off on Wednesday despite no news being released by the company – yet.
The lithium chemicals company is set to release its quarterly report tomorrow. The market might be boosting Allkem’s value higher today in anticipation.
At the time of writing, the Allkem share price is $13.22, 3.52% higher than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) is currently up 0.36% while the S&P/ASX 200 Materials Index (ASX: XMJ) has jumped 0.75%.
Let’s take a closer look at how Allkem and its peers are performing on Wednesday.
What’s going on with the Allkem share price today?
The Allkem share price is in the green today, but it’s not the best-performing lithium stock in the ASX 200 materials sector.
That title goes to the AVZ Minerals Ltd (ASX: AVZ) share price. Right now, it has gained 9.22% on news of its Manono Lithium and Tin Project.
Allkem shares are also being outperformed by those of Mineral Resources Limited (ASX: MIN) and Liontown Resources Limited (ASX: LTR). They’ve gained 4.3% and 3.9% respectively.
Though, Allkem isn’t without its fans.
As The Motley Fool’s Zach Bristow reported earlier this week, brokers are bullish on the stock’s future.
JP Morgan has an $18.50 price target on the stock – assuming the Allkem share price has a 40% upside.
Bell Potter is also optimistic about the company. It’s slapped Allkem with an $18.05 price target.
The post Why is the Allkem share price having such a stellar day? appeared first on The Motley Fool Australia.
Should you invest $1,000 in Allkem right now?
Before you consider Allkem, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Allkem wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of January 13th 2022
More reading
- 3 highly rated ASX growth shares analysts are tipping as buys
- Here’s why Allkem shares are getting multiple broker upgrades
- Top brokers name 3 ASX shares to buy next week
- Here’s why the lithium price is in the spotlight today
- Why not all ASX lithium shares are winners from surging commodity prices
JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. 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 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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