Standard Lithium (NYSEAMERICAN:SLI) Stock Price Down 6% - What's Next?

Key Points

• Standard Lithium's stock price fell by 6% during trading, reaching a low of $2.64, with approximately 2.2 million shares traded.
• Analysts have recently updated the stock's ratings, with BMO Capital Markets labeling it a "strong-buy" and Raymond James setting an "outperform" rating with a price target of $2.75.
• Several hedge funds have increased their stakes in Standard Lithium, indicating strong institutional interest, with 16.70% of the stock now owned by institutional investors.

Standard Lithium Ltd. (NYSEAMERICAN:SLI - Get Free Report)'s stock price was down 6% during trading on Tuesday . The company traded as low as $2.64 and last traded at $2.64. Approximately 2,191,796 shares changed hands during mid-day trading, an increase of 15% from the average daily volume of 1,900,105 shares. The stock had previously closed at $2.81.

Analysts Set New Price Targets

SLI has been the topic of several analyst reports. BMO Capital Markets upgraded shares of Standard Lithium to a "strong-buy" rating in a research note on Wednesday, August 6th. Raymond James Financial initiated coverage on shares of Standard Lithium in a research note on Friday, July 11th. They set an "outperform" rating and a $2.75 price target on the stock.

Standard Lithium Stock Performance

The company has a market capitalization of $537.21 million, a P/E ratio of -12.59 and a beta of 1.69. The firm's fifty day moving average is $2.25 and its 200 day moving average is $1.71.

Hedge Funds Weigh In On Standard Lithium

A number of hedge funds have recently added to or reduced their stakes in the stock. Koch Inc. purchased a new stake in shares of Standard Lithium in the 4th quarter worth approximately $19,681,000. Renaissance Technologies LLC purchased a new stake in shares of Standard Lithium in the 4th quarter worth approximately $964,000. Concentric Capital Strategies LP purchased a new stake in shares of Standard Lithium in the 4th quarter worth approximately $752,000. Compagnie Lombard Odier SCmA lifted its position in shares of Standard Lithium by 3.7% in the 2nd quarter. Compagnie Lombard Odier SCmA now owns 466,700 shares of the company's stock worth $915,000 after purchasing an additional 16,700 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Standard Lithium during the first quarter valued at approximately $435,000. 16.70% of the stock is currently owned by institutional investors.

Standard Lithium Company Profile

Standard Lithium Ltd. explores for, develops, and processes lithium brine properties in the United States. Its flagship project is the Lanxess project with area of approximately 150,000 acres located in southern Arkansas. The company was formerly known as Patriot Petroleum Corp. and changed its name to Standard Lithium Ltd.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.