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Sociedad Quimica Y Minera De Chile (NYSE:SQM), a key global supplier of battery-grade lithium, has surged into the top echelons of Benzinga Edge’s momentum rankings, signaling robust investor confidence amid a bullish price trajectory.
Check out SQM’s stock price here.
SQM’s momentum score rose to 90.88, catapulting it into the top 10th percentile of tracked stocks from 84.34, a 6.54-point leap that underscores an accelerating upward trajectory.
The rally aligns with a strong price trend, evidenced by green checkmarks across short-, medium-, and long-term horizons in Benzinga Edge’s Stock Rankings proprietary analysis.
Short-term trends reflect gains over the past couple of months, medium-term over recent quarters, and long-term over the past year, per the platform’s methodology.
This momentum is bolstered by growth at the 54.70th percentile and value at 53.29, though quality lags at 21.07, highlighting operational strengths in a volatile commodity market. Additional information is available here.
SQM’s ascent is particularly noteworthy for electric vehicle (EV) enthusiasts, as the Chilean giant plays a pivotal role in Tesla Inc.‘s (NASDAQ:TSLA) battery supply chain.
For instance, in 2018, Tesla inked a supply deal with Kidman Resources, where SQM holds a 50/50 stake in the Mt. Holland lithium project in Australia, securing hydroxide for Gigafactory production, according to Motley Fool reports from that year.
More recently, SQM’s 2020 eight-year agreement to deliver up to 55,000 metric tons of lithium carbonate annually to LG Energy Solution—a major Tesla battery supplier—further cements its upstream position, as detailed by Reuters. However, this was superseded by a new, expanded deal in July 2023.
With Tesla ramping up Cybertruck and next-gen vehicle output amid global EV demand soaring past 14 million units in 2024, per International Energy Agency data, SQM benefits from lithium’s critical role in lithium-ion batteries.
The stock has surged 64.77% year-to-date, much above the S&P 500’s 12.76% returns and Dow Jones’ 8.73% returns over the same period.
However, SQM has risen only 51.76% over the year, with 71.83% and 34.42% gains over the six and one month, respectively. The stock was up 2.59% in premarket on Wednesday.
The futures of the S&P 500, Nasdaq 100, and Dow Jones indices were mixed on Wednesday, after closing lower for the second consecutive day this week on Tuesday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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