Standard Lithium (NYSEAMERICAN:SLI) Shares Gap Up - Here's Why

Key Points

• Standard Lithium shares surged 7.2%, opening at $2.61 versus a prior close of $2.37, with roughly 879,000 shares traded.
• Evercore initiated coverage with an “outperform” rating and a $4.75 price target. Four analysts rate the stock a Buy, with a consensus target of $5.92.
• The company slightly beat quarterly EPS expectations, reporting a loss of $0.01 per share versus the anticipated $0.02 loss; institutional investors and hedge funds own 16.7% of the stock.

Standard Lithium Ltd. (NYSEAMERICAN:SLI - Get Free Report)'s stock price gapped up before the market opened on Monday . The stock had previously closed at $2.37, but opened at $2.61. Standard Lithium shares last traded at $2.58, with a volume of 879,214 shares traded.

Wall Street Analyst Weigh In

Separately, Evercore started coverage on shares of Standard Lithium in a report on Wednesday, April 29th. They issued an "outperform" rating and a $4.75 price objective for the company. Four equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Standard Lithium currently has a consensus rating of "Buy" and a consensus target price of $5.92.

Standard Lithium Stock Up 7.2%

The stock has a market capitalization of $625.88 million, a PE ratio of -11.54 and a beta of 1.83. The business's 50-day moving average is $2.79 and its two-hundred day moving average is $3.62.

Standard Lithium (NYSEAMERICAN:SLI - Get Free Report) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.02) by $0.01. As a group, analysts anticipate that Standard Lithium Ltd. will post -0.06 EPS for the current year.

Hedge Funds Weigh In On Standard Lithium

Institutional investors have recently modified their holdings of the business. Aquatic Capital Management LLC acquired a new position in Standard Lithium in the third quarter valued at $26,000. Burney Co. purchased a new position in shares of Standard Lithium during the fourth quarter worth about $45,000. Susquehanna Advisors Group Inc. purchased a new position in shares of Standard Lithium during the fourth quarter worth about $48,000. Argent Advisors Inc. acquired a new position in Standard Lithium in the 4th quarter valued at about $48,000. Finally, Themes Management Co LLC purchased a new stake in Standard Lithium during the 1st quarter valued at approximately $39,000. 16.70% of the stock is owned by institutional investors and hedge funds.

About Standard Lithium

Standard Lithium NYSEAMERICAN: SLI is a mineral exploration and development company focused on the extraction of lithium from sedimentary brine resources. Utilizing direct lithium extraction (DLE) processes, the company aims to deliver high-purity lithium carbonate and lithium hydroxide suitable for the battery and electric vehicle markets. Standard Lithium's technology is designed to accelerate lithium recovery rates while minimizing environmental impact compared to traditional solar evaporation methods.

The company's flagship project is located in the Smackover Formation of southern Arkansas, in collaboration with chemical producer LANXESS.

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