Pilbara Minerals’ (ASX:PLS) stock soared following a leadership shakeup at the Australian lithium producer. Shares rose more than 10% today to hit a record high of AU$5.61.
The company announced today that its Chief Financial Officer (CFO) Brian Lynn has stepped down, with a global hunt for a new finance executive now underway.
Lynn’s exit presents Pilbara with another opportunity to reshape its executive team as it works to expand its operations. The lithium producer recently appointed Vince De Carolis as its chief operating officer.
Strong demand for lithium has boosted the mineral’s price, driving business gains for producers like Pilbara. The company plans to nearly double production at its lithium project in Western Australia, to take advantage of the strong demand and favourable prices.
Pilbara share price forecast
According to TipRanks’ analyst rating consensus, Pilbara stock is a Strong Buy based on two Buys, four Holds, and two Sells. Pilbara shares have more than doubled their price over the past three months. The rapid rise has helped the stock exceed analysts’ average price forecast of AU$3.93, which now implies nearly 30% downside.
Pilbara scores an eight out of 10 from TipRanks’ Smart Score rating system, indicating that the stock has potential to outperform market expectations.
The leadership shakeup at Pilbara Minerals seems to have been welcomed by traders, who are betting the lithium sector’s growing market opportunities translate into strong investor returns.