Why is the Piedmont Lithium share price piling on 6% today?

A man clenches his fists with glee having seen the Lake Resources share price go up on the computer screen in front of him.A man clenches his fists with glee having seen the Lake Resources share price go up on the computer screen in front of him.

The Piedmont Lithium Inc (ASX: PLL) share price is surging higher on Thursday despite the lithium developer’s silence.

Though, it’s not alone in the green. Many of its lithium peers are also pushing higher.

At the time of writing, the Piedmont Lithium share price is 59.5 cents, 6.25% higher than its previous close.

The broader market is also in the green right now. The All Ordinaries Index (ASX: XAO) is boasting a 0.98% gain.

Let’s take a closer look at what’s going on with Piedmont Lithium and its peers on Thursday.

Piedmont Lithium share price on the march

The Piedmont Lithium share price is continuing to charge up on Thursday after a period of woes for the stock.

It plunged around 45% between the end of May and the start of June amid a broader lithium sell-off. But last week marked a turnaround for the lithium developer.

Its shares picked up 12% over the course of five days to yesterday. It’s now seemingly building on that strong performance, adding another 6% to its share price.

Meanwhile, S&P/ASX 200 Index (ASX: XJO) materials shares are besting the market’s performance, with the S&P/ASX 200 Materials Index (ASX: XIJ) lifting 1.13%.

Among its best performers are lithium stocks Liontown Resources Limited (ASX: LTR), Pilbara Minerals Ltd (ASX: PLS), and Lake Resources NL (ASX: LKE). They’ve gained 5.4%, 5.1%, and 4.7%, respectively.

Piedmont Lithium is developing a lithium project and lithium hydroxide plant in the United States. Its initial production is yet to be announced.

The company also holds interest in two further projects, located in Ghana and Canada. The latter is expected to begin production in 2023.

Sadly, this year hasn’t been kind to the Piedmont share price. It has fallen 23% since the start of 2022. It’s also currently 12% lower than it was this time last year.

The post Why is the Piedmont Lithium share price piling on 6% today? appeared first on The Motley Fool Australia.

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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 Scott Phillips.

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