IBD Stock Analysis
- Makes bullish move from near 50-day line in volume
- After Monday’s close, has handle buy point of 244.46
- Lithium and other EV-related plays acting well
Industry Group Ranking
Cup with Handle
* Not real-time data. All data shown was captured at
1:37PM EDT on
Lithium miner Albemarle Corp. (ALB) is the IBD Stock Of The Day, offering two potential buying opportunities, as lithium prices climb on electric-vehicle demand. ALB stock flashed an early entry Monday as it nears its official buy point.
Lithium stocks and exchange traded funds have been on the uptick in recent months as electric vehicles continue to gain mainstream popularity. The metal is a main component in the batteries needed to power EVs. Lithium prices in China hit a new high on Oct. 20 as suppliers struggle to meet surging global demand.
The Global X Lithium & Battery Tech ETF (LIT) was up 3.9% on Monday. Albemarle stock is its top holding. But it also holds multiple Chinese battery makers, Tesla (TSLA) and Chinese manufacturer BYD (BYDDF).
ALB Stock, Tesla, EV Stocks Soar
Albemarle shares climbed 3.4% to 239.44 on the stock market today.
Investors can still buy the lithium stock Monday following its strong market action. It has rebounded from its key 50-day line, passing very short-term levels.
ALB stock was added to SwingTrader Monday.
EV makers were also soaring Monday. Tesla stock surged nearly 13% to 1,024.86 after Hertz announced it would buy 100,000 Tesla EVs. Lucid Group (LCID) soared more than 11%, Xpeng Motors (XPEV) rocketed 11.5%, and Nio rose 6.15%. BYDDF stock was up 5.4% and Li Auto (LI) tacked on 6.1%.
Albemarle Stock Fundamentals
Albemarle will release third-quarter results after the market closes on Nov. 3.
The stock has a 75 Composite Rating out of a best-possible 99, and a 53 EPS Rating.
The Composite Rating compiles scores on key fundamental and technical metrics: earnings and sales growth, profit margins, return on equity, and relative price performance. Investors should focus on stocks with a Composite Rating of 90 or higher.
Follow Gillian Rich on Twitter for investing news and more.
YOU MIGHT ALSO LIKE: