5 Best Lithium Battery Stocks to Buy Now

2. Sociedad Quimica y Minera (NYSE:SQM)

Number of Hedge Fund Holders: 34

Sociedad Quimica y Minera (NYSE:SQM) is a Chile-based company engaged in the business of mining, refining, and selling minerals and chemicals. The company is one of the world’s largest lithium producers and has a dominant position in the global lithium market. Sociedad Quimica y Minera (NYSE:SQM) is one of the best lithium battery stocks to buy now and is worth $26.45 billion on the open market, as of November 24.

On November 17, Sociedad Quimica y Minera (NYSE:SQM) announced market-beating earnings for the fiscal third quarter of 2022. The company reported earnings per share of $3.85 and outperformed estimates by $0.53. The company generated a revenue of $2.96 billion, up 347.14% year over year, and beat expectations by $180.43 million.

This September, BMO Capital analyst Joel Jackson raised his price target on Sociedad Quimica y Minera (NYSE:SQM) to $130 from $125 and maintained an Outperform rating on the shares. On November 18, Deutsche Bank analyst Corinne Blanchard updated her price target on Sociedad Quimica y Minera (NYSE:SQM) to $125 from $128 and reiterated a Buy rating on the shares.

At the end of Q3 2022, 34 hedge funds were bullish on Sociedad Quimica y Minera (NYSE:SQM) and disclosed stakes worth $713.9 million in the company. This is compared to 29 positions in the preceding quarter with stakes worth $658.6 million in the company. As of September 30, Arrowstreet Capital is the largest shareholder in the company and has stakes worth $125.2 million in the company.