SLI - Why did Livent stock surge today? Lithium prices are skyrocketing

Livent (NYSE:LTHM) and SQM (SQM) surged to new all-time highs in Friday's trading, leading a strong showing for lithium mining shares (NYSEARCA:LIT) as prices have skyrocketed nearly 500% during the past year thanks to tight supply and rising demand for electric vehicles. Analysts at Macquarie recently warned of a "a perpetual deficit" in lithium, and Citigroup nearly doubled its price forecast for 2022, saying an "extreme" rally could be coming. Livent (LTHM) ended +14.2% and SQM (SQM) +5.8%, wrapping up an extraordinary month that lifted shares by 58% and 52%, respectively. Livent (LTHM) opened a merry month of May for lithium producers by reporting better than expected Q1 earnings and issuing a massive increase in guidance for full-year EBITDA and revenues, pointing to continued strong pricing for lithium. SQM (SQM) also scored a nearly 12x jump in Q1 net income as revenues quadrupled Y/Y to $2B. Albemarle (ALB) shares closed +6.2% on Friday

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Why did Livent stock surge today? Lithium prices are skyrocketing