2023 is turning out to be a tough year for investors in (NYSE: ALB). The lithium stock slumped 25.4% in October alone, according to data provided by S&P Global Market Intelligence, and has lost nearly 44% of its value so far this year, as of this writing.

Albemarle's sales growth is decelerating because of the recent slump in lithium prices, and the company also called off a major acquisition last month. The tough business conditions have compelled at least 10 analysts covering the lithium stock to slash their target prices on it in recent weeks, exacerbating its sell-off.

In September, Albemarle announced plans to acquire Australian lithium mining company Liontown Resources in a deal worth nearly $4 billion. Liontown Resources owns the Kathleen Valley lithium project, considered to be one of the world's most valuable lithium resources, and has already struck agreements with major automakers including Tesla and Ford to supply spodumene concentrate that'll be produced at the site beginning in 2024.

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Source Fool.com