Shares of (NYSE: ALB) slumped more than 50% at one point in trading in 2023 before regaining some ground in the last couple of months or so. The lithium stock still ended 2023 down 33.4%, according to data provided by S&P Global Market Intelligence.

For this, you can blame a meltdown in lithium prices. Albemarle, however, is still on solid footing, and its stock price could rebound this year as investors avail this golden opportunity to buy a growth stock on the cheap.

Lithium carbonate prices plunged 80% in 2023, according to data from Trading Economics, as global demand from the electric vehicle (EV) industry dampened amid ample supply of lithium. Most of the EVs today run on lithium-ion batteries, and lithium producers like Albemarle are relying heavily on the EV battery industry for growth.

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Source Fool.com