5 Best Lithium Stocks To Buy Now

In this article, we will look at 5 best lithium stocks to buy now. If you want to read about how and why lithium prices are skyrocketing, you can go to 10 Best Lithium Stock To Buy Now.

5. Rio Tinto Group (NYSE:RIO)

Number of Hedge Fund Holders: 22

Rio Tinto Group (NYSE:RIO) engages in exploring, mining, and processing mineral resources worldwide. The company offers aluminum, copper, diamonds, gold, iron ore, and lithium among others. As of April 25, the stock has a PE ratio of 5.50, offers a forward yield of 11.77%, and on top of this, has appreciated in value by 7.28% over the past six months. This makes Rio Tinto Group (NYSE:RIO) rank high among the best lithium stocks to buy now because it is a high-momentum value stock pick that offers a handsome dividend.

Late last December, Rio Tinto Group (NYSE:RIO) announced plans to acquire the Rincon lithium project in Argentina from Rincon Mining for $825 million. The company is constantly making efforts to invest in battery technology and lithium projects and has made achieving carbon neutrality a part of its mission statement. Moreover, on April 19, RBC Capital analyst Tyler Broda raised his price target on Rio Tinto Group (NYSE:RIO) to 5,600 GBp from 5,300 GBp and reiterated a Sector Perform rating on the shares.

Rio Tinto Group (NYSE:RIO) is rising in popularity among elite hedge funds. By the end of Q4 2021, 22 hedge funds were long Rio Tinto Group (NYSE:RIO) with collective stakes of $1.83 billion. This is compared to 20 hedge funds in the third quarter of 2021 with stakes of $1.33 billion.

As of December 31, 2021, Fisher Asset Management is the most prominent shareholder in Rio Tinto Group (NYSE:RIO), having stakes of $907.2 million which covers 0.5% of Ken Fisher’s hedge fund portfolio.