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

Though, it’s been a big week for ASX lithium shares, perhaps partly due to comments made by the company’s boss.

The Piedmont Lithium share price is 91.5 cents right now. That marks a 5.78% gain on Thursday.

For context, the All Ordinaries Index (ASX: XAO) is up 1.61% right now.

So, what might be boosting the US-focused lithium developer’s stock? Let’s take a look.

What’s driving the Piedmont Lithium share price today?

ASX lithium share Piedmont Lithium is joining many of its peers in the green on Thursday.

Indeed, the S&P/ASX 200 Materials Index (ASX: XMJ) is one of the S&P/ASX 200 Index (ASX: XJO)’s best-performing sectors today. It’s gaining 2.4% at the time of writing compared to the index’s 1.6% gain. And lithium shares are leading its gains for no obvious reason. Though, there’s been plenty to drive sentiment for the sector this week.

Firstly, experts, including Piedmont Lithium CEO Keith Phillips, have voiced concerns supply shortages of the material could continue for years.

Speaking to Yahoo Finance earlier this week, Phillips said the world might not to able to produce enough lithium to sate some aspirational electric vehicle take-up targets. He continued:

There’s going to be a real crunch to get the material. We don’t have enough in the world to turn that much [lithium] production [to meet some 2035 targets].

The world has changed… We’re now in an era where everyone’s going to want an electric car. The car companies can’t make them fast enough, and people are now looking for the lithium they need for the batteries to go in those electric cars.

On that note, Australians have been snapping up electric vehicles at record rates.

According to data from the Federal Chamber of Automotive Industries, released on Monday, a record 4.4% of all cars sold in Australia in August were electric. Tesla Inc (NASDAQ: TSLA)’s Model 3 was Australia’s fourth best-selling car last month.

Looking further back, 2% of cars sold in the country so far this year are battery powered.

Such happenings may have driven sentiment for ASX lithium shares this week and, in turn, could be boosting the Piedmont Lithium share price today.

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

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More reading

• Why are ASX lithium stocks having such a stellar run today?
• Where does Tesla get its lithium and do any ASX shares benefit?
• Piedmont Lithium share price falls 5% after plans to build the largest US lithium plant unveiled
• Why is the Piedmont Lithium share price plunging 10% today?
• Why are ASX lithium shares having such a cracking start to the week?

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 positions in 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 Scott Phillips.

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When Neil Armstrong first stepped on the moon, he said, “That’s one small step for man, one giant leap for mankind”. Since that day, countless others have turned their heads towards the skies and dreamed of reaching space.

Unfortunately, that dream appears to have been one step too far for Electro Optic Systems (ASX: EOS) and its share price on Thursday.

At the time of writing, shares in the defence and space systems company are swapping hands for 51.5 cents apiece. This means the Electro Optic Systems share price is down 28.5% from yesterday’s closing price.

What occurred today?

Today, Electro Optic Systems released its results for the first half of the 2022 financial year. They were the very first set of results under the helm of new chief executive Andreas Schwer, who joined the company just over a month ago. 

It was Clive Cuthell, the new company CFO, who had the harder task, releasing a disappointing set of results only three days after joining the company.

The Motley Fool Australia reported on the first half results earlier today. In short, whatever way you look at it, it was an ugly set of numbers.

In the company’s defence, many of the reasons for the poor results were out of its control. Delayed customer contract awards and supply chain challenges meant it was hard for the company to win new projects, and also caused delays in existing projects. It’s hard to deliver a remote weapon system and turret to a customer when the customer hasn’t already received the vehicle it is to be installed upon.

However, the major story is not the numbers but a significant shift in its strategy.

A change of plans

For the better part of a year, the major focus for Electro Optic Systems has been its mid-Earth orbit satellite constellation known as ‘Spacelink’.

The company claimed that Spacelink when launched, would be able to offer continuous, real-time data connectivity to satellites. The issue is that Spacelink also required significant capital, a task made harder by capital markets drying up for such projects.

It appears this capital might have been for nothing, with the new management setting December 2022 as the day of reckoning when Spacelink must be sold. If it can’t be sold, management will look at all other options, including liquidating the business. Either way, Spacelink will no longer be a priority, and a $54.4 million write-down will be hitting the company’s books.

Instead, Electro Optic Systems appears to want to keep its feet on the ground.

Steps forward for the Electro Optic Systems share price

In short, quite like many other former highflyers, the company is drawing a line in the sand and focusing on profit. Still, management is also keen to stress that it isn’t all doom and gloom.

Firstly, Electro Optic Systems has not lost any of the contracts it has been awarded. In fact, it has some new opportunities in the pipeline. One example is the potential to offer remote weapon systems to Ukraine. This might provide a short-term boost to revenue whilst it waits for delays in its other contracts to subside.

If Electro Optic Systems can get this shift right, a new, more profitable, and lower-risk version of the company could arise. Albeit possibly one with lower growth potential. 

However, this requires a bit of faith from investors. Many of whom may find such faith in short supply given the company’s financial and stock price performance over the last year.

The Electro Optic Systems share price is back to where it was when revenue was only a fraction of what it is now. If it can become a profitable and more sustainable company, this might be an interesting entry point for those willing to take the risk and be (very) patient.

It could take years for the company to return to a better place, and there are a lot of obstacles it will need to overcome in the meantime.

The post Is the Electro Optic Systems share price now a massive bargain or a falling knife? appeared first on The Motley Fool Australia.

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More reading

• Why is ASX behemoth Soul Patts lending a hand to Electro Optic Systems?
• Electro Optic Systems share price crashes 35% after first-half shocker
• Why is the Electro Optic Systems share price frozen today?
• Why has the Electro Optic Systems share price soared 16% in 2 days?

Motley Fool contributor Andrew Legget has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Electro Optic Systems Holdings Limited. The Motley Fool Australia has recommended Electro Optic Systems Holdings Limited. 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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The Novonix Ltd (ASX: NVX) share price is shooting higher today, continuing to climb during afternoon trade.

Shares of the battery metals and technology company are currently trading 10.68% higher at $2.28 each, just under their intraday high of $2.29 a share.

The company’s home sector, the S&P/ASX 200 Info Technology Index (ASX: XIJ), is also up 2.83% today.

So let’s see what may be setting the Novonix share price alight today.

What’s going on with the Novonix share price?

There have been no announcements from the company since the end of August. However, it seems Novonix might be riding the wave of positive sentiment for ASX lithium shares on the market today.

Although Novonix isn’t strictly a lithium share, a core part of its business is developing technology for lithium-ion batteries.

The share prices of lithium miners Pilbara Minerals Ltd (ASX: PLS) and Allkem Ltd (ASX: AKE) hit new all-time highs today.

Pilbara is currently trading at its record price of $4.22 a share, up 6.84% on the day, while Allkem hit $15.02 a share this afternoon. It’s currently trading at $14.985 a share, 6.43% higher.

At a broader level, the Chinese spot price of lithium carbonate has also risen slightly since Friday last week, gaining 1.47% to 482500 RMB (AU$ 102,878) per tonne. However, it’s still trading significantly below its record high of 497500 RMB (AU$ 106,069) per tonne achieved in March.

Other indices are also in the green on Thursday, including the S&P/ASX 200 Index (ASX: XJO), up 1.6%, and the S&P/ASX 300 Metals and Mining Index (ASX: XMM), up 2.48%.

So it seems that the Novonix share price rally can be explained through broader movements in the market as optimism for lithium abounds.

Novonix share price snapshot

The Novonix share price is enjoying some time in the sun today amid shedding 75% this year to date. For context, the S&P/ASX 200 Index is down around 10% over the same period.

The company’s market capitalisation is around $1.1 billion.

The post Why is the Novonix share price soaring 11% today? appeared first on The Motley Fool Australia.

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More reading

• Why is the Novonix share price smashing the ASX 200 on Wednesday?
• Slide continues: Novonix share price dumps 14% in 2 days
• Why did the Novonix share price crumble 14% in August?
• Why is the Novonix share price slumping 6% on Thursday?
• Novonix share price lifts despite full-year loss deepening to $71 million

Motley Fool contributor Matthew Farley 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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Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.

Three ASX shares brokers have named as buys this week are listed below. Here’s why they are bullish on them:

Aristocrat Leisure Limited (ASX: ALL)

According to a note out of Citi, its analysts have retained their buy rating and $41.00 price target on this gaming technology company’s shares. While the broker acknowledges that Aristocrat’s digital business is facing tough trading conditions, it believes its land-based business continues to perform well. So much so, the broker feels it could surprise the market with its earnings. The Aristocrat share price is trading at $34.80.

Metcash Limited (ASX: MTS)

A note out of Ord Minnett reveals that its analysts have upgraded this wholesaler’s shares to a buy rating with an improved price target of $5.00. This follows the release of a solid trading update at its annual general meeting this week which revealed that its sales have been strong early in FY 2023. The broker has lifted its earnings estimates to reflect this. The Metcash share price is fetching $4.14 this afternoon.

ResMed Inc. (ASX: RMD)

Analysts at Credit Suisse have retained their outperform rating and lifted their price target on this sleep treatment company’s shares to $40.00. This follows news that its rival Philips has been hit with another product recall. Credit Suisse suspects that this could lead to market share gains for ResMed and had bumped its estimates higher to reflect this. The ResMed share price is trading at $34.35 today.

The post Top brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

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More reading

• Here’s why the ResMed share price is charging higher today
• 3 ASX 300 healthcare share winners on Wednesday
• Here are the top 10 ASX 200 shares today
• Morgans names 3 more of the best ASX shares to buy in September
• 2 discounted ASX shares I’d buy now and one I wouldn’t touch: expert

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended ResMed Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia has positions in and has recommended ResMed Inc. 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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The Zip Co Ltd (ASX: ZIP) share price is shooting the lights out today.

After tumbling 6.81% since this time last week, shares in the buy-now, pay-later (BNPL) provider are making a comeback.

This is despite the company not releasing any announcements to the market today.

At the time of writing, Zip shares are trading 7.19% higher at 90 cents apiece.

What’s driving Zip shares upwards today?

The Zip share price is on the move following a strong rally across Wall Street overnight.

The Dow Jones Industrial Average Index (DJX: .DJI) lifted 1.4% in what has become the best day on the index since 10 August.

Despite the growing risk of recession in the US as further rate hikes appear likely by the Federal Reserve, investors shrugged off the negative news.

Furthermore, the S&P 500 Index (SP: .INX) and tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) also recorded strong gains last night, up 1.83% and 2.14%, respectively.

This has had a positive impact on the ASX, particularly the S&P/ASX 200 Financials Index (ASX: XFJ), in which Zip belongs.

Currently, the sector is 1.58% higher at 6,108.5 points.

Other ASX BNPL companies gaining a boost today include mobile payment provider Block Inc CDI (ASX: SQ2) and Sezzle Inc (ASX: SZL). They are up 3.82% and 5.26%, respectively.

Earlier this week, the Reserve Bank of Australia (RBA) lifted its official cash rate by another 50 basis points to 2.35%.

While this is the highest level it has been since early 2015, the RBA is using its toolkit to curb inflation.

For now, the market appears to have priced in the latest rate hike. However, where Zip shares go from here will largely depend on what happens in the US.

The Federal Reserve is widely anticipated to lift rates again next week.

Zip share price snapshot

Despite today’s rally, the Zip share price has plunged 87% over the past 12 months and is down 79% year to date.

Based on today’s price, Zip presides a market capitalisation of around $6.15 million.

The post Why is the Zip share price charging 7% higher on Thursday? appeared first on The Motley Fool Australia.

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More reading

• Zip share price jumps as broker goes on myth-busting bender
• The Zip share price slid 15% in August. What went wrong?
• Rejected: Zip share price slips following latest blow
• August’s RBA rate hike saw investors favour Macquarie and BHP shares. Here’s what to expect in September: expert
• These are the 10 most shorted ASX shares

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended ZIPCOLTD FPO. 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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The Betashares Nasdaq 100 ETF (ASX: NDQ) is currently up by 2.28% as investors buy into the exchange-traded fund (ETF).

As readers may already be aware, this ETF looks to track 100 of the biggest non-financial businesses on the NASDAQ.

The important thing to note is that the performance of ETFs is dictated by the returns of the underlying holdings they own in the portfolio. If the group of businesses collectively go up in value, this benefits the ETF as well.

Overnight, United States shares had a strong run and this has helped the Betashares Nasdaq 100 ETF.

What happened overnight?

Considering Apple, Microsoft, Amazon.com, Tesla and Alphabet make up more than 40% of the portfolio, let’s look at how those particular businesses’ share prices performed.

The Apple share price went up by 0.9%.

The Microsoft share price rose by 1.9%.

The Amazon share price has risen 2.7%.

The Alphabet share price climbed 2.5%.

The Tesla share price was the strongest riser of the group, increasing 3.4%.

Why did the share market rise?

Share prices change all the time, some days businesses go up in value and sometimes they drop.

2022 has seen some big declines, but some investors may be seeing an opportunity, which is helping the Betashares Nasdaq 100 ETF.

According to reporting by CNBC, the reason for the positive day on the US share market was that Fed vice chair Lael Brainard reaffirmed that the central bank would do what it takes to stifle inflation, while also noting the risks of going too far. CNBC suggested that investors focused on the point of going too far.

Brainard said:

At some point in the tightening cycle, the risks will become more two-sided. The rapidity of the tightening cycle and its global nature, as well as the uncertainty around the pace at which the effects of tighter financial conditions are working their way through aggregate demand, create risks associated with overtightening.

This could be good news because it may mean light at the end of the tunnel when it comes to interest rate rises stopping.

Interest rates are important because they can affect the valuation of most, or all, assets. As Ray Dalio, founder of Bridgewater Associates, once said:

It all comes down to interest rates. As an investor, all you’re doing is putting up a lump sum payment for a future cash flow.

Betashares Nasdaq 100 ETF share price snapshot

Despite today’s rise, the NDQ ETF is still down by around 4.5% over the last month and 22% in 2022.

The post Why is the Betashares Nasdaq 100 ETF leaping ahead on Thursday? appeared first on The Motley Fool Australia.

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More reading

• Is the BetaShares NASDAQ 100 ETF the best index fund on the ASX?
• 2 of the best ETFs for ASX investors to buy in September
• Why is the Betashares Nasdaq 100 ETF (NDQ) tumbling 4% on Monday?
• How does VGS stack up against other ASX index funds?
• Why is the BetaShares NASDAQ 100 ETF having such an awful start to the week?

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. 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. has positions in and has recommended Alphabet (A shares), Alphabet (C shares), Amazon, Apple, BETANASDAQ ETF UNITS, Microsoft, and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool Australia has positions in and has recommended BETANASDAQ ETF UNITS. The Motley Fool Australia has recommended Alphabet (A shares), Alphabet (C shares), Amazon, and Apple. 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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The Fortescue Metals Group Ltd (ASX: FMG) share price is on the rise today.

The mining giant’s shares are currently trading at $16.74 each, a 4.63% gain.

Let’s take a look at what could be impacting the Fortescue share price today.

Iron ore demand lifts

Fortescue is a global iron ore producer based in Western Australia, supplying iron ore to China.

China’s iron ore imports increased 5.44% to 96.2 million tonnes in August, an ANZ research report released today shows. However, they are down 1.32% compared to the same time last year.

Authors Daniel Hynes and Soni Kumari said:

Iron ore imports were also higher than July levels as mills tentatively restocked ahead of the construction season.

The data showed coal, copper, iron ore, and natural gas imports also lifted in August. The report’s authors said China’s commodity imports are improving, but they also referred to the impact of China’s lockdowns, saying:

[China’s] zero-COVID strategy is creating headwinds and has kept demand below last year’s levels for many markets. Stronger growth is unlikely until these issues are resolved.

In FY22, Fortescue produced a record 189 million tonnes of iron ore for shipment around the world. The company reported a net profit after tax (NPAT) of US$6.2 billion and declared a fully franked final dividend of $1.21 per share.

Fortescue shares went ex-dividend on Monday 5 September with the dividend to be paid on 29 September.

Meantime, the iron ore price is currently down 1.01%, fetching US$98.5 per tonne, Trading Economics data shows.

Share price snapshot

The Fortescue share price is down around 7% in the past year, losing almost 13% year to date.

Fortescue has a market capitalisation of about $51 billion based on the current share price.

The post Fortescue share price strengthens amid boost in China’s iron ore appetite in August appeared first on The Motley Fool Australia.

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More reading

• Why are ASX 200 mining shares getting blasted on Wednesday?
• The Fortescue share price has cratered 13% in a week. What’s going on?
• Could this be a blow to the fortunes of Fortescue Future Industries?
• Can you buy shares in Fortescue Future Industries?
• Why Adairs, Fortescue, PointsBet, and Qantas shares are dropping

Motley Fool contributor Monica O’Shea 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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It’s probably fair to say that the CSL Limited (ASX: CSL) share price has been stuck in the mud for a while now. CSL shares are today trading at $299.24 a share at the time of writing. That’s up 1.99% today but still leaves the CSL share price down by just under 4% over the past 12 months.

Cast your minds back to February 2020, and we find the last time CSL shares hit an all-time high.

Back then, the ASX 200 healthcare giant saw a high of $342.75. That’s a level we haven’t seen since. In fact, as it stands today, CSL’s current 52-week high stands at $319.78 a share — reached at the end of last year.

Today, CSL shares are still more than 6% under that 52-week high, as well as almost 13% below the all-time record high we saw back in 2020.

The company is also only 10% above the lows that CSL shares reached during the worst of the COVID crash of 2020. Other ASX blue chips have done far better. For instance, Commonwealth Bank of Australia (ASX: CBA) shares have soared more than 65% since their COVID bottom.

So CSL shareholders have now endured more than two years of share price stagnation, with only CSL’s sub-1% dividend yield for comfort.

But does this mean it’s the darkest before the dawn for CSL shares? Is the company in the buy zone today?

Is the CSL share price a buy today?

Well, yes, according to one ASX broker anyway. As my Fool colleague James covered last month, broker Morgans recently came out with an add rating for the CSL share price.

Although the broker trimmed its 12-month share price target, it’s still at $321.30 a share. This would result in an upside of almost 11% from the current share price.

Morgans wasn’t overly enamoured with the company’s FY22 earnings results last month, which highlighted that the company’s “near term challenges remain”. But the broker also noted that “underlying growth is solid” and ” strong plasma collection growth and ongoing demand across both Behring and Seqirus underpin strong growth and continued momentum”.

But Morgans isn’t the only ASX expert seeing value in the CSL share price today. My Fool colleague Tony recently interviewed SG Hiscock portfolio manager Hamish Tadgell.

Tadgell named CSL as one of the stocks he would own if the share market closed tomorrow for four years. He described the company as “a late-cycle recovery play and it’s an incredibly good business spending $1 billion a year on R&D, and got so many growth options in it”.

So it seems there is some consensus among more than one ASX expert that CSL shares have a bright future. Shareholders will no doubt welcome these assessments.

At the current CSL share price, this ASX 200 blue chip health share has a market capitalisation of $144 billion.

The post The CSL share price is still trading just 10% above its COVID-crash low. Is it a buy? appeared first on The Motley Fool Australia.

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More reading

• Fundie reveals the 2 ASX shares he’d buy and hold for 4 years
• Should all ASX investors be buying defensive shares right now?
• Why is the CSL share price on the slide today?
• Want to snare the next CSL dividend? Read this
• 5 ASX 200 shares turning ex-dividend tomorrow

Motley Fool contributor Sebastian Bowen has positions in CSL Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL Ltd. 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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What an outstanding past couple of months it has been for the Pilbara Minerals Ltd (ASX: PLS) share price.

After briefly touching a year-to-date low of $1.975 on 14 June, the lithium producers’ shares haven’t looked back.

Yesterday, the share moved into uncharted territory to reach $4.03 apiece.

However, the momentum hasn’t stopped there, as it now trades at $4.21 – a new record high.

Let’s take a look at what is driving these astronomical gains.

Pilbara Minerals shares power ahead

Investors are bidding up the company’s shares following a broader uplift across the S&P/ASX 200 Materials (ASX: XMJ) sector.

For context, the index is up 2.35% making it the second-best performer on the ASX Indices.

Other lithium shares are also receiving a much-welcomed boost today. Sayona Mining Ltd (ASX: SYA) and Liontown Resources Ltd (ASX: LTR) shares are up 11.82% and 7.54%, respectively.

Despite no news coming from Pilbara Minerals or either of the above companies, it appears investors are buoyant on the lithium industry.

As reported by ABC News, a total of 95,256 new vehicles were sold in August, which was a 17.3% jump on last month.

In addition, more people are buying electric vehicles (EVs) as sales hit their highest level ever – around 4.4% of all new vehicle sales.

On the back of these numbers being extremely positive, there is belief that EV sales will pick up the pace in Australia. In European markets, for example, there are incentives to buy EVs and they are priced cheaper than petrol vehicles.

Should EV sales data continue to reach new heights, this could bode well for shares in Pilbara Minerals and other lithium companies.

Pilbara Minerals share price snapshot

On the back of strong lithium prices, the Pilbara Minerals share price has rocketed by 31.5% in 2022.

In comparison, the materials sector has fallen 8.38% over the same timeframe.

According to ANZ Share Investing, JP Morgan is bullish on Pilbara Minerals shares, raising its outlook to overweight from neutral.

Furthermore, the broker raised its price target by 17% to $4.10 per share. That’s roughly in line with where the share trades today.

Pilbara Minerals commands a market capitalisation of approximately $11.78 billion.

The post Why is the Pilbara Minerals share price surging 6% to another all-time high today? appeared first on The Motley Fool Australia.

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More reading

• 4 ASX lithium shares hitting all-time highs on Thursday
• Why is the Lake Resources share price leaping 10% on Thursday?
• Why are ASX lithium stocks having such a stellar run today?
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• 2 ASX All Ordinaries shares that defied today’s sell-off to crack new highs

Motley Fool contributor Aaron Teboneras has positions in Pilbara Minerals Limited. 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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It’s a good day on the market for ASX lithium shares, and four, in particular, are making the most of it.

They have surged as much as 45% today to hit new record highs.

So, without further ado, let’s take a look at the lithium shares outperforming on Thursday.

4 ASX lithium shares hitting record highs today

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price surged to peak at $4.22 today – marking a 6.8% gain and a new record high.

Interestingly, there’s been no news from the S&P/ASX 200 Index (ASX: XJO) share today. Though, earlier this week top broker JP Morgan reportedly upped its price target for the stock to $4.10.

It’s also only a few weeks since the company posted its maiden profit. It raked in $561.8 million in financial year 2022.

Allkem Ltd (ASX: AKE)

Another ASX 200 lithium share surging to new heights on Thursday is Allkem. The stock lifted 6.7% at its intraday high to hit $15.02.

The company – previously known as Orocobre – was renamed shortly after its merger with Galaxy Resources.

It posted record production and US$770 million of revenue for financial year 2022 late last month.

Leo Lithium Ltd (ASX: LLL)

The Leo Lithium share price also roared to its highest point since hitting the ASX earlier today. The stock peaked at 62.5 cents on Thursday – marking a 6.8% gain.

However, investors who jumped on board the company during its initial public offering (IPO) might be holding out for more.

The company floated on the ASX in June following its spinout from Firefinch Ltd (ASX: FFX).

As part of its IPO, it raised $100 million by selling stock for 70 cents apiece. It also handed out one new share in Leo Lithium to every investor holding 1.4 shares in its parent company.

Anson Resources Ltd (ASX: ASN)

The final ASX lithium share to hit an all-time high on Thursday is Anson Resources. Its share price launched a whopping 46% higher to peak at 43 cents mid-afternoon.

Its gain follows news of the company’s Paradox Lithium Project.

The project’s definitive feasibility study has confirmed its “outstanding economics” and potential to be a major source of lithium for US markets.  

The post 4 ASX lithium shares hitting all-time highs on Thursday appeared first on The Motley Fool Australia.

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More reading

• Why is the Lake Resources share price leaping 10% on Thursday?
• 3 ASX mining shares soaring more than 20% today
• Why are ASX lithium stocks having such a stellar run today?
• ‘Outstanding economics’: Anson Resources share price rockets 35% on lithium news
• Here are the 3 most heavily traded ASX 200 shares on Wednesday

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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