5 Cheap Lithium Stocks To Buy According To Analysts

3. Piedmont Lithium Inc. (NASDAQ:PLL)

Number of Hedge Fund Holders: 12

Upside Potential as of January 27: 64.08%

Average Price Target Based on Analyst Ratings: $109.67

Piedmont Lithium Inc. (NASDAQ:PLL) is a North Carolina-based exploration stage company, engaged in the exploration and development of resource projects in the United States, specializing in the lithium business. Piedmont Lithium Inc. (NASDAQ:PLL) is one of the best battery stocks to invest in. On January 3, Piedmont Lithium Inc. (NASDAQ:PLL) stock surged 7.9% after the company amended its deal to supply spodumene concentrate to Tesla, Inc. (NASDAQ:TSLA) through the end of 2025, with an option to renew for an additional three years. 

On December 2, DA Davidson analyst Matt Summerville raised the price target on Piedmont Lithium Inc. (NASDAQ:PLL) to $90 from $85 and kept a Buy rating on the shares. The analyst noted the recent developments across the company’s global lithium assets, including a $142 million DoE grant for Tennessee Lithium. The analyst also sees an “illogical valuation gap” between Piedmont Lithium Inc. (NASDAQ:PLL)’s market value and the earnings power of its Sayona offtake and associated 25% ownership of NAL.

According to Insider Monkey’s data, 12 hedge funds were bullish on Piedmont Lithium Inc. (NASDAQ:PLL) at the end of September 2022, compared to 11 funds in the prior quarter. 

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