The Pilbara Minerals (ASX:PLS) share price is flying 8% higher

Pilbara Minerals’ shares are flying off the shelf today.
The post The Pilbara Minerals (ASX:PLS) share price is flying 8% higher appeared first on The Motley Fool Australia. –

Shares in Pilbara Minerals Ltd (ASX: PLS) are soaring today, despite no news having been released by the company. At the time of writing, the Pilbara Minerals share price is $1.45 – 7.56% higher than its previous closing price.

For comparison, the S&P/ASX 200 Index (ASX: XJO) has gained 1.65% today.

Also impressive is the number of the lithium miner’s shares being traded today.

It’s the day’s most traded ASX 200 stock by far, with nearly 20 million of the company’s shares having swapped hands since the ASX opened this morning.

Let’s take a look at what Pilbara Minerals has been up to lately.

The latest news from Pilbara Minerals

The last time the ASX heard price sensitive news from Pilbara Minerals was on 11 May, when the company announced it intends to enter a joint venture with technology company Calix Ltd (ASX: CXL).

The two companies signed a memorandum of understanding to partner to develop a midstream lithium chemicals refinery.

The first step of development will be a scoping study that will assess a new refining process.

Currently, Pilbara Minerals processes its mined ore into spodumene before shipping it to customers who then produce lithium for lithium-ion batteries.

If the companies can fine tune the refining process, Pilbara Minerals could produce lithium in-house – creating an Australian lithium-ion supply chain.

Despite the seemingly positive news, the Pilbara Minerals share price fell 3.82% lower on the day the news was released.

Luckily, it’s since bounced back.

Pilbara Minerals share price snapshot

It’s been a bumper year so far for the Pilbara Minerals share price.

As The Motley Fool Australia reported earlier today, it’s currently 2021’s best performing mining share of the ASX 200.

Right now, the Pilbara Minerals share price has gained 66% year to date. It is also a whopping 456% higher than it was this time last year.

The company has a market capitalisation of around $3.9 billion, with approximately 2.9 billion shares outstanding.

The post The Pilbara Minerals (ASX:PLS) share price is flying 8% higher appeared first on The Motley Fool Australia.

Should you invest $1,000 in Pilbara Minerals right now?

Before you consider Pilbara Minerals, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Pilbara Minerals wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of May 24th 2021

More reading

These ASX 200 shares are on the move today

The top performing ASX 200 mining shares of 2021

Iluka (ASX:ILU) share price jumps even as it pours water on M&A rumours
Here are the best performing ASX 200 shares so far in 2021

Here are 3 of the ASX 200’s most traded shares today

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. 

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!