Standard Lithium (NYSEAMERICAN:SLI) Shares Gap Up – Here’s What Happened

Standard Lithium Ltd. (NYSEAMERICAN:SLI)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $3.26, but opened at $3.61. Standard Lithium shares last traded at $3.64, with a volume of 2,891,707 shares traded.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Roth Capital cut their target price on Standard Lithium from $6.00 to $5.50 and set a “buy” rating on the stock in a research note on Wednesday, November 12th. Canaccord Genuity Group boosted their price objective on shares of Standard Lithium from $5.00 to $7.50 and gave the stock a “speculative buy” rating in a research report on Tuesday, October 21st. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of Standard Lithium in a research report on Thursday, October 23rd. Three research analysts have rated the stock with a Buy rating, According to MarketBeat, Standard Lithium currently has an average rating of “Buy” and a consensus price target of $5.25.

Standard Lithium Trading Up 7.0%

The firm has a market capitalization of $876.87 million, a price-to-earnings ratio of -16.73 and a beta of 1.74. The company’s 50 day moving average is $3.74 and its 200-day moving average is $2.77.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SLI. Stanley Laman Group Ltd. bought a new stake in shares of Standard Lithium during the 3rd quarter worth about $2,909,000. Y Intercept Hong Kong Ltd bought a new position in Standard Lithium in the 1st quarter valued at about $435,000. Invesco Ltd. lifted its position in Standard Lithium by 15.2% during the third quarter. Invesco Ltd. now owns 2,517,414 shares of the company’s stock worth $8,484,000 after acquiring an additional 331,995 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Standard Lithium by 487.3% during the third quarter. Millennium Management LLC now owns 313,556 shares of the company’s stock worth $1,057,000 after acquiring an additional 260,169 shares during the period. Finally, Jane Street Group LLC grew its position in shares of Standard Lithium by 285.5% in the second quarter. Jane Street Group LLC now owns 349,477 shares of the company’s stock valued at $685,000 after purchasing an additional 258,814 shares during the last quarter. 16.70% of the stock is owned by institutional investors and hedge funds.

About Standard Lithium

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.