Top Lithium Stock Albemarle Looks Like a Steal After Another Selloff
With electric vehicles (EVs) gobbling up shares of new cars sold, the critical resource lithium has been on many investors' minds -- for good reason. With demand through the roof, the high price for this key ingredient in manufacturing batteries has been a sore spot for automakers. Tesla itself has been hinting that it might buy a lithium miner, and reports indicate it could make an offer for tiny Sigma Lithium (which is in preproduction and doesn't generate sales yet) as it looks for ways to keep costs down.
All of this focus on battery material mining is great news for one of the leaders in the industry, Albemarle (NYSE: ALB). The company just released its fourth-quarter 2022 earnings and recently provided a huge update to its five-year guidance. Shares are down over 20% from their highs reached in late 2022. Is it time to buy?
As was hinted at a few weeks ago at an investor event, Albemarle delivered impressive growth in the final months of 2022. Revenue was up 193% year over year to $2.6 billion, benefiting from some of its mines ramping up toward full production in the last year.
Source Fool.com
