The Pilbara Minerals (ASX:PLS) share price is up 23% in a week

Shares in the lithium miner could play part in a much bigger theme …
The post The Pilbara Minerals (ASX:PLS) share price is up 23% in a week appeared first on The Motley Fool Australia. –

The parabolic Pilbara Minerals Ltd (ASX: PLS) share price has added 23% in the past week to a fresh all-time high of $2.46 on Wednesday.

Perhaps what’s more impressive is the fact that Pilbara Minerals shares have doubled in just over three months, from $1.21 on 27 May.

Good news keeps piling up

The Pilbara Minerals share price continues to leverage the bullish news for the lithium sector and spot prices.

A major catalyst for the lithium sector last week was President Joe Biden’s executive order, targeting at least half of all new vehicles sold in the United States to be electric by 2023.

The Pilbara Minerals share price rallied 10.95% on Tuesday in wake of bullish commentary for the lithium sector from JPMorgan.

The broker upgraded all the ASX 200 lithium shares under its coverage to an overweight rating, citing a significant supply-demand imbalance in the medium-term and upgrading its long-term lithium spot price forecasts.

A bigger theme at hand

The surging Pilbara Minerals share price could play into a much bigger thematic, that is climate change.

In the words of the Eureka Report’s Alan Kohler, “It’s not often an investing theme comes along that is both certain and certainly huge, but we’ve got one right now. The theme is climate change, or more specifically, the transition to a zero-carbon world.”

The International Energy Agency’s world energy outlook 2020 cited that, “A structural transformation of the energy sector will require massive investment in new, more efficient and cleaner capital stock. Drawing on the IEA Sustainable Recovery Plan, the Sustainable Development Scenario (SDS) sees a near-term surge of investment in clean energy technologies over the next ten years.”

Going back to Pilbara Minerals, the company has signed a number of offtake agreements with leading players in the renewable technology space including Gangfeng Lithium and CATL.

The post The Pilbara Minerals (ASX:PLS) share price is up 23% in a week appeared first on The Motley Fool Australia.

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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.

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More reading

Why ASX 200 lithium shares are surging to new highs

Here are the top 10 ASX shares today

These 3 ASX 200 shares were the most traded this Tuesday

Here’s why ASX 200 lithium shares surged higher on Tuesday

Which shares are leading the ASX 300 on Tuesday?

Motley Fool contributor Kerry Sun 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.

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