Standard Lithium (NYSEAMERICAN:SLI) Shares Down 4.7% – Time to Sell?

Standard Lithium Ltd. (NYSEAMERICAN:SLI)’s stock price dropped 4.7% during mid-day trading on Friday. The stock traded as low as $1.43 and last traded at $1.43. Approximately 921,964 shares changed hands during trading, a decline of 60% from the average session volume of 2,324,458 shares. The stock had previously closed at $1.50.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group initiated coverage on shares of Standard Lithium in a research report on Wednesday, September 2nd. They set a “hold” rating and a $2.90 target price for the company. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Standard Lithium currently has an average rating of “Moderate Buy” and an average target price of $4.38.

Standard Lithium Stock Down 4.7%

The company has a market capitalization of $352.90 million, a price-to-earnings ratio of -7.15 and a beta of 2.26. The stock’s 50-day simple moving average is $2.02 and its two-hundred day simple moving average is $2.77.

Institutional Investors Weigh In On Standard Lithium

Hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE purchased a new position in Standard Lithium in the second quarter worth about $1,595,000. BlackRock Inc. purchased a new position in shares of Standard Lithium during the 2nd quarter worth about $1,149,000. Amundi lifted its stake in Standard Lithium by 64.9% in the first quarter. Amundi now owns 1,779,555 shares of the company’s stock worth $6,068,000 after purchasing an additional 700,555 shares during the last quarter. Walleye Capital LLC grew its position in Standard Lithium by 49.9% in the 1st quarter. Walleye Capital LLC now owns 733,391 shares of the company’s stock valued at $2,501,000 after acquiring an additional 244,115 shares during the last quarter. Finally, Strategic Wealth Partners Ltd. grew its holdings in shares of Standard Lithium by 26.3% in the second quarter. Strategic Wealth Partners Ltd. now owns 24,094 shares of the company’s stock worth $66,000 after purchasing an additional 5,020 shares during the last quarter. 16.70% of the stock is currently owned by institutional investors.

Standard Lithium Company Profile

Standard Lithium Ltd. is a development-stage lithium company focused on advancing commercial lithium production in the United States. The company’s primary assets are located in southern Arkansas, within the Smackover Formation, a region containing lithium-bearing brine resources.

Standard Lithium is developing direct lithium extraction (DLE) technology designed to selectively recover lithium from brine and return the processed brine to the subsurface. The company’s planned product is battery-quality lithium carbonate, a key material used in rechargeable batteries for electric vehicles, energy-storage systems and consumer electronics.

The company’s projects include its South West Arkansas Project and related development opportunities in the region.