Just yesterday, we highlighted an opportunity in Lithium Americas (LAC), which opened at $19.60 and closed at $19.91. We still like the stock here, as it continues to make progress toward production at its Cauchari-Olaroz project that could start producing by 2022. In addition, analysts have been busy upgrading a couple of LAC’s competitors, including Albemarle and Livent, which is positively impacting LAC.
As for newer trade ideas, take a look at Li Auto (LI).
After bouncing from double bottom support, the stock is beginning to break higher, and could retest prior resistance around $35 a share. If it can break above that point, the stock could potentially rally to $37.50. Helping, Bank of America analyst Ming Hsun Lee just raised the firm’s target price on LI to $42 from $38 with a buy rating.
Better, the company just announced it delivered 9,433 Li ONEs in August 2021 – an increase of 248% year over year, and 9.8% month over month. Total deliveries for the first eight months of the year is now up to 48,176.