In this article, we will be taking a look at 5 cheap lithium stocks to buy according to analysts. To read our detailed analysis of the lithium and battery industry, you can go directly to see the 11 Cheap Lithium Stocks To Buy According To Analysts.
5. Sigma Lithium Corporation (NASDAQ:SGML)
Number of Hedge Fund Holders: 14
Upside Potential: 33.41%
Average Analyst Price Target: $50.31
Sigma Lithium Corporation (NASDAQ:SGML) is a diversified metals and mining company. It is engaged in the exploration and development of lithium deposits in Brazil.
There were 14 hedge funds long Sigma Lithium Corporation (NASDAQ:SGML) in the first quarter, with a total stake value of $60.9 million.
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4. FREYR Battery SA (NYSE:FREY)
Number of Hedge Fund Holders: 20
Upside Potential: 51.79%
Average Analyst Price Target: $12.50
On June 29, Adam Jonas at Morgan Stanley upgraded FREYR Battery SA (NYSE:FREY) shares from Equal Weight to Overweight, alongside placing a $10 price target on the stock.
FREYR Battery SA (NYSE:FREY) is an electrical components and equipment company. It designs and manufactures lithium-ion-based battery cell facilities.
FREYR Battery SA (NYSE:FREY) had 20 hedge funds long its stock in the first quarter, with a total stake value of $176.2 million.
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3. Lithium Americas Corp. (NYSE:LAC)
Number of Hedge Fund Holders: 14
Upside Potential: 54.20%
Average Analyst Price Target: $32.52
A total of 14 hedge funds were long Lithium Americas Corp. (NYSE:LAC) in the first quarter. Their total stake value was $47.8 million.
Lithium Americas Corp. (NYSE:LAC) is a diversified metals and mining company. It explores for lithium deposits.
Massif Capital made the following comment about Lithium Americas Corp. (NYSE:LAC) in its first-quarter 2023 investor letter:
“During the first quarter, Lithium Americas Corp. (NYSE:LAC) had several positive events, including a favorable record of decision ruling for Thacker Pass, paving the way for construction of the mine to start, a revised Thacker resource/cost estimates, and GM’s financing/offtake agreement. Even though LAC is non-producing and its stock is down 34% over the past year (compared to the larger lithium producer’s 3%), the stock remains one of our favorites with multiple catalysts (and still up roughly 600% from our initial purchase price):
- Cauchari-Olaroz Stage I first production in sight and Stage II initiation by year-end,
- Substantial earthworks beginning 2H23 at Thacker,
- Growth potential with greater guidance on Pastos Grandes, and
- Formal separation of North American Assets and Argentine assets into separate publicly traded entities
As Cauchari-Olaroz in Argentina and Thacker Pass come online, volumes will effectively be marked at leading-edge pricing. As such, it seems prudent to continue underwriting growth, especially given the firm’s experienced management team with a visible pipeline to incremental supply before 2025. These qualities make one or both post-separation entities attractive buyout targets for numerous suitors…” (Please click here to read the full text)
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2. Sayona Mining Ltd. (ASX:SYA)
Number of Hedge Fund Holders: N/A
Upside Potential: 76.43%
Average Analyst Price Target: $0.21
Sayona Mining Ltd. (ASX:SYA) is another diversified metals and mining company on our list, based in Brisbane, Australia.
The company engages in mineral identification, acquisition, exploration, and development in Australia and Canada. Sayona Mining Ltd. (ASX:SYA) explores for lithium, graphite, and gold deposits.
1. Enovix Corporation (NASDAQ:ENVX)
Number of Hedge Fund Holders: 24
Upside Potential: 90.88%
Average Analyst Price Target: $41
In total, 24 hedge funds held stakes in Enovix Corporation (NASDAQ:ENVX) in the first quarter, with a total stake value of $225.6 million.
Enovix Corporation (NASDAQ:ENVX) is a designer and developer of lithium-ion batteries. It is based in Fremont, California.
EF Hutton analyst Chip Moore assumed a Buy rating on Enovix Corporation (NASDAQ:ENVX) shares on July 5, alongside a $21 price target.
Here’s what Long Cast Advisers, LLC said about Enovix Corporation (NASDAQ:ENVX) in its fourth-quarter 2022 investor letter:
“Enovix Corporation (NASDAQ:ENVX) is what I’ll endearingly call a “shitco” meaning it’s pre-revenue / pre-profit but with a massive addressable market, so if it succeeds, the potential reward offsets the risks. I think there’s room in the portfolio for a few smaller investments like this, but if I am consistently wrong over time, I’ll change course (SNES and SANW also fall into this category, and so far I’ve been wrong about those, but like ENVX, they are small positions with long time horizons).
ENVX makes lithium batteries using silicon instead of graphene as the anode. Silicon as an anode offers many benefits – faster charging, longer charge periods and longer battery life – but it has a major drawback in that it swells when it charges, and this causes battery degradation and mechanical failure…” (Click here to read the full text)
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See also 12 Best Lithium and Battery Stocks to Buy and 10 Most Profitable Lithium Stocks Now.
