In this article, we discuss the 5 cheap lithium stocks to buy now. If you want to read about some more lithium stocks available at bargain prices, go directly to 10 Cheap Lithium Stocks to Buy Now.
5. ChargePoint Holdings, Inc. (NYSE:CHPT)
Number of Hedge Fund Holders: 19
Real-Time Share Price as of April 18: $15.25
ChargePoint Holdings, Inc. (NYSE:CHPT) provides EV charging networks and related solutions. The firm has recently partnered with Toyota to offer customers home and public EV charging solutions. As part of the deal, customers of new EVs made by Toyota will be offered the option to purchase a ChargePoint charger directly at Toyota dealerships. The firm has also partnered with software firm Gatik to develop an electric ecosystem for autonomous vehicles. Antara Capital recently invested $300 million in the firm to support growth initiatives.
On March 29, Stifel analyst Stephen Gengaro maintained a Buy rating on ChargePoint Holdings, Inc. (NYSE:CHPT) stock with a price target of $32, noting that a new partnership of the firm with Goldman Sachs Renewable Power was a positive catalyst for the shares.
At the end of the fourth quarter of 2021, 19 hedge funds in the database of Insider Monkey held stakes worth $94 million in ChargePoint Holdings, Inc. (NYSE:CHPT), up from 18 in the preceding quarter worth $97 million.
In its Q1 2021 investor letter, Alger, an asset management firm, highlighted a few stocks and ChargePoint Holdings, Inc. (NYSE:CHPT) was one of them. Here is what the fund said:
“ChargePoint Holdings, Inc. (NYSE:CHPT) was among the top detractors from performance. ChargePoint provides a network of electric vehicle (EV) charging stations globally. Like equities of many businesses geared to electric vehicles, ChargePoint Holdings, Inc. (NYSE:CHPT) shares underperformed in the first quarter of 2021 as part of a broad rotation away from high-growth technology companies with limited track records of performance as public companies. Longer term, ChargePoint Holdings, Inc. (NYSE:CHPT) could potentially serve as a bellwether company of the fast growing EV category and we believe it is an attractive way to gain exposure to EV adoption without betting on whether a particular EV brand will win in the marketplace. Additionally, EVs are a massive end market.”
4. Ultralife Corporation (NASDAQ:ULBI)
Number of Hedge Fund Holders: 2
Real-Time Share Price as of April 18: $4.80
Ultralife Corporation (NASDAQ:ULBI) markets electronics components and equipment. In late 2021, the firm had announced the acquisition of Excell Battery Group in a deal worth $23 million. The latter makes and sells smart battery systems, battery packs and monitoring systems. Between November 2020 and November 2021, Excell generated around $23 million in revenue. Ultralife also recently won a Defense Logistics Agency contract for the lithium manganese dioxide, non-rechargeable BA-5390 batteries.
Some of the products that Ultralife Corporation (NASDAQ:ULBI) sells include lithium 9-volt, cylindrical, thin lithium manganese dioxide, rechargeable batteries, lithium-ion cells, multi-kilowatt module lithium ion battery systems, and power supplies.
Among the hedge funds being tracked by Insider Monkey, New York-based firm Renaissance Technologies is a leading shareholder in Ultralife Corporation (NASDAQ:ULBI) with 256,090 shares worth more than $1.5 million.
3. Westwater Resources, Inc. (NYSE:WWR)
Number of Hedge Fund Holders: 6
Real-Time Share Price as of April 18: $1.64
Westwater Resources, Inc. (NYSE:WWR) operates as an energy materials developer. The company has begun Phase 1 development on a battery facility in Alabama. The Phase 1 of this project is expected to be completed by 2023. The stock is one of the premier graphite plays in the US. Graphite is a key component of lithium-ion batteries that power electric vehicles around the globe. The firm was founded in 1977 and is headquartered in Colorado. The flagship project of the firm is the Coosa graphite project.
Chris Jones, the CEO of Westwater Resources, Inc. (NYSE:WWR), said during the fourth quarter earnings call the company had secured the site for the intended processing plant in Alabama. Construction of the plant began in late 2021.
At the end of the fourth quarter of 2021, 6 hedge funds in the database of Insider Monkey held stakes worth $2 million in Westwater Resources, Inc. (NYSE:WWR), up from 4 in the preceding quarter worth $1 million.
2. CBAK Energy Technology, Inc. (NASDAQ:CBAT)
Number of Hedge Fund Holders: 5
Real-Time Share Price as of April 18: $1.22
CBAK Energy Technology, Inc. (NASDAQ:CBAT) makes and sells lithium batteries. The company recently posted earnings for the fourth quarter of 2021, reporting a revenue of $27.8 million, up more than 80% compared to the revenue over the same period last year. The stock has climbed in recent weeks as Chinese authorities ease restrictions on dual-listed firms and markets react to positive news from Russian-Ukraine peace talks. An increase in the price of oil has also pushed EV adoption in the past few months.
In late 2021, CBAK Energy Technology, Inc. (NASDAQ:CBAT) had announced that it had started operations at a lithium power plant in the Jiangsu province of China. The plant has an initial annual capacity of 0.7 GWh for the new 32140 battery model.
At the end of the fourth quarter of 2021, 5 hedge funds in the database of Insider Monkey held stakes worth $3 million in ACBAK Energy Technology, Inc. (NASDAQ:CBAT), compared to 6 in the preceding quarter worth $2 million.
1. Noram Lithium Corp. (OTC:NRVTF)
Number of Hedge Fund Holders: N/A
Real-Time Share Price as of April 18: $0.63
Noram Lithium Corp. (OTC:NRVTF) is a diversified metals and mining firm based in Canada. One of the flagship lithium projects of the company is the Zeus Lithium Project located in Clayton Valley in Nevada. The project is near the lithium brine producing operations halfway between Las Vegas and Reno. It comprises almost 1,133 hectares. The firm has a market cap of around $56 million. The stock has climbed more than 70% in the past twelve months amid an increase in demand for EVs in the post-pandemic economy.
Noram Lithium Corp. (OTC:NRVTF) recently received permits from the Nevada authorities for upgradation work on the Zeus lithium project. The firm is working to complete a feasibility study on the project by 2022.
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