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

Standard Lithium Ltd. (NYSEAMERICAN:SLI)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $3.58, but opened at $3.30. Standard Lithium shares last traded at $3.46, with a volume of 1,118,035 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on SLI shares. Canaccord Genuity Group raised their target price on shares of Standard Lithium from $5.00 to $7.50 and gave the stock a “speculative buy” rating in a report on Tuesday, October 21st. BMO Capital Markets reissued an “outperform” rating on shares of Standard Lithium in a report on Thursday, October 23rd. Raymond James Financial initiated coverage on Standard Lithium in a report on Friday, July 11th. They set an “outperform” rating and a $2.75 price target on the stock. Finally, Roth Capital increased their price target on Standard Lithium from $4.50 to $6.00 and gave the company a “buy” rating in a report on Thursday, September 25th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $5.42.

Standard Lithium Trading Down 6.1%

The company’s 50 day moving average price is $3.64 and its two-hundred day moving average price is $2.63. The stock has a market cap of $800.62 million, a P/E ratio of -15.27 and a beta of 1.74.

Institutional Investors Weigh In On Standard Lithium

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new stake in Standard Lithium during the 2nd quarter worth approximately $27,000. Bank of America Corp DE raised its stake in Standard Lithium by 64.4% during the 2nd quarter. Bank of America Corp DE now owns 15,412 shares of the company’s stock worth $30,000 after acquiring an additional 6,040 shares during the period. WINTON GROUP Ltd bought a new stake in Standard Lithium during the 2nd quarter worth approximately $36,000. HBK Sorce Advisory LLC bought a new stake in Standard Lithium during the 3rd quarter worth approximately $41,000. Finally, Jump Financial LLC bought a new stake in Standard Lithium during the 2nd quarter worth approximately $43,000. Institutional investors own 16.70% of the company’s stock.

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.