Standard Lithium (NYSEAMERICAN:SLI) Shares Gap Down – Here’s What Happened

Standard Lithium Ltd. (NYSEAMERICAN:SLI)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $3.58, but opened at $3.30. Standard Lithium shares last traded at $3.46, with a volume of 1,118,035 shares changing hands.

Analyst Upgrades and Downgrades

SLI has been the topic of a number of research analyst reports. BMO Capital Markets reissued an “outperform” rating on shares of Standard Lithium in a research report on Thursday, October 23rd. Roth Capital boosted their price objective on shares of Standard Lithium from $4.50 to $6.00 and gave the company a “buy” rating in a research report on Thursday, September 25th. Canaccord Genuity Group boosted their price objective on shares of Standard Lithium from $5.00 to $7.50 and gave the company a “speculative buy” rating in a research report on Tuesday, October 21st. Finally, Raymond James Financial began coverage on shares of Standard Lithium in a research report on Friday, July 11th. They issued an “outperform” rating and a $2.75 target price on the stock. Three investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $5.42.

Standard Lithium Stock Performance

The stock’s 50-day moving average price is $3.64 and its two-hundred day moving average price is $2.63. The stock has a market capitalization of $800.62 million, a PE ratio of -15.27 and a beta of 1.74.

Institutional Trading of Standard Lithium

Several institutional investors have recently bought and sold shares of SLI. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new stake in Standard Lithium during the 2nd quarter valued at about $27,000. Bank of America Corp DE grew its position in Standard Lithium by 64.4% during the 2nd quarter. Bank of America Corp DE now owns 15,412 shares of the company’s stock valued at $30,000 after purchasing an additional 6,040 shares during the last quarter. WINTON GROUP Ltd purchased a new stake in Standard Lithium during the 2nd quarter valued at about $36,000. HBK Sorce Advisory LLC purchased a new stake in Standard Lithium during the 3rd quarter valued at about $41,000. Finally, Jump Financial LLC purchased a new stake in Standard Lithium during the 2nd quarter valued at about $43,000. 16.70% of the stock is owned by hedge funds and other institutional investors.

Standard Lithium Company Profile

Standard Lithium Ltd. explores for, develops, and processes lithium brine properties in the United States. Its flagship project is the Lanxess project with area of approximately 150,000 acres located in southern Arkansas. The company was formerly known as Patriot Petroleum Corp. and changed its name to Standard Lithium Ltd.