Pilbara Minerals Ltd (ASX: PLS) investors are rejoicing once more on Tuesday, with the share price surpassing its record high for the ninth time this month.
Shares in the S&P/ASX 200 Index (ASX: XJO) lithium favourite launched 4.6% to $4.97 shortly after the market opened this morning.
It has since retreated to trade at $4.84, 1.8% higher than its previous close.
Meanwhile, the ASX 200 is trading in the green. The index has lifted 1.2% following recent suffering that saw it tumble 4.1% over the four sessions prior.
So, what's been going so right for the Pilbara Minerals share price in September?
Let's take a look.
Pilbara Minerals share price leaps to another record high
Pilbara Minerals has been riding a wave of market enthusiasm for lithium this month.
Its gains come amid warnings from experts claiming the supply of the 'white gold' battery-making material will likely get to a crunch point over the coming years.
Analysts at JP Morgan echoed such expectations earlier this month, upping their lithium price targets by as much as 25%, as my Fool colleague Tristan reports.
The experts also slapped Pilbara Minerals shares with a buy rating and a $4.10 price target.
At the same time, the stock finally surpassed the record $3.89 it reached in January, surging to $3.97 on 6 September.
Likely to investors' surprise, Pilbara Minerals surpassed that record high in every session over the following week.
After backing off for a hot second, it's back up to its old tricks today.
Of course, it's not just Pilbara Minerals that's been on a roll lately. Other ASX lithium shares have also performed well.
Pilbara announced its maiden profit last month.
Its revenue lifted to $1.2 billion in financial year 2022, sending its after-tax profit into the green for the first time, coming in at $561.8 million.
The Pilbara Minerals share price is currently 52% higher than it was this time last month. It has also gained 37% year-to-date and 134% over the past 12 months.
