The Pilbara Minerals Ltd share price is down 19% in a week

Unfortunately for its shareholders the Pilbara Minerals Ltd (ASX: PLS) share price has continued its slide lower and is down almost 6% to 89.5 cents in early trade.

This means the lithium miner’s shares have lost almost 19% of their value since reaching an all-time high of $1.10 at the end of last month.

Should you sell your Pilbara Minerals shares?

Whilst I wouldn’t necessarily be in a rush to sell my shares if I were a shareholder, I might consider taking a little bit of profit off the table.

After all, its shares have more than doubled in value during the last three months as investors pile into the industry on the back of a bullish global outlook for lithium demand.

The shares of industry peers Galaxy Resources Limited (ASX: GXY) and Orocobre Ltd (ASX: ORE) have also risen sharply during this time and recently came under selling pressure as well.

However, one leading broker doesn’t think investors should sell their Pilbara Minerals shares just yet.

According to a note out of the Macquarie equities desk, its analysts have retained their outperform rating and lifted the price target on its shares to $1.10 from 95 cents following a site visit.

The broker appears to have been impressed with what it saw at the Pilgangoora spudomene project and believes it can be a long life and low cost supplier of high quality spudomene.

While I do agree with Macquarie, I still think the prudent thing to do at this stage is to take a little bit of profit and reinvest the proceeds elsewhere in the market.

Here are a few great market-beating shares you could reinvest these funds in 2018.

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Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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