Here's Why Albemarle Stock Slumped by 34% in the First Half of 2024
After a 33.4% decline in the stock price in 2023, lithium miner (NYSE: ALB) investors were hopeful that 2024 would bring better performance. However, the stock has continued to slide this year, with a 33.9% decline in the first half of the year, according to data provided by S&P Global Market Intelligence. It's a move as much about a deterioration in sentiment as it is about the decline in the price of lithium carbonate.
The price of lithium essentially drives the movement in the company's near-term and long-term earnings. Whereas the near-term considerations focus on the spot price of lithium (the price now) longer-term considerations assess the future supply-and-demand environment.
Unfortunately, both near- and long-term considerations have worked against Albemarle this year. After trading at around $13.5 per kg. in January, the price of lithium rose to above $16 per kg. in March. However, since the start of May, the price has slumped from about $15.25 per kg. to about $12.5 per kg. at the time of writing.
Source Fool.com
Albemarle Corp Aktie
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Das Kursziel von 165 € für Albemarle Corp signalisiert eine mögliche Steigerung von über 50% gegenüber 84.89 €.
