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Pilbara Minerals Ltd (PLS) $3.54

PLS halved last year, why not this one? So far, PLS has corrected ~35% in 2023, catching many ESG investors in a crowded trade. PLS is currently the most shorted stock on the ASX, with 18.5% of its shares held by short sellers, a massive position that will take a huge effort to cover if/when the lithium price turns. We can easily see PLS down another 10-15% towards the $3 area, but from a risk/reward perspective, it’s edging into an accumulation zone.

  • We like PLS into current weakness but would leave $$ to slowly average into further selling.
MM is cautiously bullish PLS into weakness under $3.50
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Pilbara Minerals Ltd (PLS)
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