The Pilbara Minerals Ltd (ASX: PLS) share price has been knocked about in 2022.
It currently trades 28% down this year, or 18% down this past month, both seen on the chart below. At the time of writing, Pilbara Minerals shares are at $2.31, up 3.8% for the day so far.
In broad market moves, the S&P/ASX 300 Metals and Mining Index (ASX: XMM) has wobbled lately and trades 9% down this last month.
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Is the Pilbara Minerals share price a buy?
There appears to be buying support for Pilbara Minerals. The team at Ord Minnett rate it a buy, valuing the company at $4.25 apiece.
The broker is constructive on Pilbara amid recent updates on its lithium pricing and to its valuation.
It is also positive on the company's battery material exchange (BMX) auction, where Pilbara advised it has secured a bid for a spodumene concentrate cargo.
The winning bid equals a price of approximately US$7,000 per dry metric tonne (dmt), and shipment is due in late July.
Last month, Pilbara accepted a bid for US$6,586 per dmt, indicating the upward strength in pricing.
Macquarie analysts echoed Ord's sentiment and retained their buy rating on the Pilbara share price, assigning a $3.90 price target.
The Macquarie team is also impressed by Pilbara's record bid for its lithium cargo.
Moreover, it reckons investors are unfairly punishing the share, based on a downbeat view of lithium forecasts. Meanwhile, Pilbara expects prices to remain buoyant.
This mismatch could prove fruitful for the Pilbara share price if it keeps accepting higher bids at its BMX auctions.
