5 Cheap Lithium Stocks To Buy According To Analysts

2. FREYR Battery (NYSE:FREY)

Number of Hedge Fund Holders: 22

Upside Potential as of January 27: 116.26%

Average Price Target Based on Analyst Ratings: $18.75

FREYR Battery (NYSE:FREY) focuses on the production of battery cells for stationary energy storage, electric mobility, and marine applications in Europe and internationally. The company designs and manufactures lithium-ion based battery cell facilities. It is one of the best battery stocks to buy according to analysts. On January 12, FREYR Battery (NYSE:FREY) stock gained over 6% after the company signed its first e-mobility offtake agreement. Freyr will supply 10 – 14 GWh of battery cells to Impact Clean Power Technology from 2025 to 2030. 

On January 12, Goldman Sachs analyst Philipp Konig assigned a Buy rating and a $19 price target to FREYR Battery (NYSE:FREY). The company’s first commercial offtake agreement with Impact Clean Power Technology marks its first deal with a player in the mobility space and supports his bullish thesis on the stock, the analyst wrote in a research note.

According to Insider Monkey’s Q3 data, 22 hedge funds were long FREYR Battery (NYSE:FREY), compared to 16 funds in the last quarter. Daniel Patrick Gibson’s Sylebra Capital Management is the largest stakeholder of the company, with 12.80 million shares worth $182.2 million. 

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