Pilbara Minerals Ltd (ASX: PLS) shares are slipping today.
Shares in the S&P/ASX 200 Index (ASX: XJO) lithium miner closed yesterday trading for $1.70. In afternoon trade on Tuesday, shares are changing hands for $1.66 apiece, down 2.6%.
This follows on yesterday's 11.7% loss, with the miner coming under selling pressure on Monday amid investor concerns over the shorter-term outlook for global lithium prices.
Despite the two-day, 14.2% share price drop, Pilbara Minerals shares remain up 46.3% since the recent four-year closing low of $1.135 a share, posted on 3 June. That outsized gain has been partly spurred by the more than 20% increase in lithium prices since late June.
But with shares under pressure now, and still well up from the recent lows, is the ASX 200 lithium miner a buy, hold, or sell?
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Pilbara Minerals shares: buy, hold or sell?
"Lithium spot prices have stabilised after a brutal sell-off, and PLS has bounced off its lows and has been enjoying favourable share price momentum since June," EnviroInvest's Elio D'Amato noted last week (courtesy of The Bull).
"The June quarter report confirmed steady production and cash costs, but realised prices remain well below fiscal year 2023 highs," he added.
While D'Amato sees light at the end of the tunnel for Pilbara Minerals shares – which remain down 42.6% since this time last year – he's not ready to pull the trigger just yet.
"Pilbara Minerals is in the right sector for the energy transition, but near-term sentiment remains fickle as electric vehicle growth slows," said D'Amato, who has a hold recommendation on the lithium miner.
"With a clean balance sheet, options in downstream processing and the prospect of consolidation in the Western Australian lithium sector leaves PLS as a hold while the dust settles," he concluded.
What's the latest from the ASX 200 lithium stock?
The last price sensitive news released by the company to directly impact Pilbara Minerals shares was released on 11 June.
In an ASX update, the miner reported on a material upgrade in the mineral resource at its flagship Pilgangoora hard-rock lithium project, located in Western Australia.
And the long-term value of that project got a boost, with Pilbara reporting a 23% increase in contained lithium across Pilgangoora's measured, indicated and inferred resources.
"The significant uplift in the Mineral Resource reaffirms our 100% owned Pilgangoora Operation as one of the world's largest and highest-quality hard rock lithium assets," Pilbara Minerals CEO Dale Henderson said of the upgrade.
"This outcome is aligned with our strategy to optimise the operating base and unlock the full potential of this world-class asset, driving long-term value for our shareholders," he added.
Pilbara Minerals shares ended 5.6% higher that day.
