Pilbara Minerals share price racks up ninth all-time high for September

Pilbara Minerals Ltd (ASX: PLS) investors are rejoicing once more on Tuesday, with the share price surpassing its record high for the ninth time this month.

Shares in the S&P/ASX 200 Index (ASX: XJO) lithium favourite launched 4.6% to $4.97 shortly after the market opened this morning.

It has since retreated to trade at $4.84, 1.8% higher than its previous close.

Meanwhile, the ASX 200 is trading in the green. The index has lifted 1.2% following recent suffering that saw it tumble 4.1% over the four sessions prior.

So, what’s been going so right for the Pilbara Minerals share price in September?

Let’s take a look.

Pilbara Minerals share price leaps to another record high

Pilbara Minerals has been riding a wave of market enthusiasm for lithium this month.

Its gains come amid warnings from experts claiming the supply of the ‘white gold’ battery-making material will likely get to a crunch point over the coming years.

Analysts at JP Morgan echoed such expectations earlier this month, upping their lithium price targets by as much as 25%, as my Fool colleague Tristan reports.

The experts also slapped Pilbara Minerals shares with a buy rating and a $4.10 price target.

At the same time, the stock finally surpassed the record $3.89 it reached in January, surging to $3.97 on 6 September.

Likely to investors’ surprise, Pilbara Minerals surpassed that record high in every session over the following week.

After backing off for a hot second, it’s back up to its old tricks today.

Of course, it’s not just Pilbara Minerals that’s been on a roll lately. Other ASX lithium shares have also performed well.

Pilbara announced its maiden profit last month.

Its revenue lifted to $1.2 billion in financial year 2022, sending its after-tax profit into the green for the first time, coming in at $561.8 million.

The Pilbara Minerals share price is currently 52% higher than it was this time last month. It has also gained 37% year-to-date and 134% over the past 12 months.

The post Pilbara Minerals share price racks up ninth all-time high for September appeared first on The Motley Fool Australia.

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More reading

• Up 50% in a month, does the Pilbara Minerals share price ‘reflect too much optimism’?
• Here are the top 10 ASX 200 shares today
• Why Lake Resources, Life360, Pilbara Minerals, and PolyNovo shares are storming higher
• Here are the 3 most heavily traded ASX 200 shares on Monday
• 3 ASX lithium shares smashing new, all-time highs on Monday

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 Scott Phillips.

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