After more than quadrupling investors' money in a year, are PLS shares still a buy?

A leading analyst delivers his outlook for the soaring PLS share price.

PLS Group Ltd (ASX: PLS) shares are edging lower today.

Shares in the S&P/ASX 200 Index (ASX: XJO) lithium stock – formerly known as Pilbara Minerals – closed yesterday trading for $5.92. In morning trade on Thursday, shares are swapping hands for $5.89 apiece, down 0.5%.

For some context, the ASX 200 is down 0.4% at this same time.

Taking a step back, PLS shares have gained 304% over the past 12 months. And brave investors who waded in and bought the ASX 200 lithium stock at one -year closing lows of $1.14 a share 3 June will be sitting on eye-popping gains of 417% today.

That's enough to turn an $8,000 investment into $41,333. In less than one year.

But with those remarkable gains already baked into the share price, is the Aussie lithium miner still a good buy today?

Sell buy and hold on a digital screen with a man pointing at the sell square.

Image source: Getty Images

Should you buy PLS shares today?

Catapult Wealth's Dylan Evans recently analysed the outlook for this surging ASX 200 lithium stock (courtesy of The Bull).

"PLS is a lithium producer. Demand for lithium is well supported, driven by consistent growth and adoption of technologies, including battery energy storage and electric cars," Evans noted.

He added:

Demand is revealed in the group's recently signed off-take agreement with China's Canmax Technologies, a deal that included a record US$1,000 a tonne price floor.

PLS announced its deal with Chinese-listed lithium-ion battery material manufacturer Canmax Technologies Co Ltd (SHE: 300390) on 10 February.

The two-year agreement will see PLS supply Canmax with 150 thousand tonnes of spodumene concentrate (a lithium bearing ore) per year. The two parties have the option to extend the agreement for a third year.

Commenting on the agreement that helped boost PLS shares on the day, PLS CEO Dale Henderson said:

The US$100 million interest-free prepayment and floor price structure demonstrate strong commercial confidence in our product and performance, while preserving full exposure to price upside.

However, Catapult Wealth's Evans isn't ready to pull the buy trigger on the skyrocketing Aussie lithium miner just yet.

Summarising his hold recommendation on PLS shares, Evans concluded, "Looking forward, PLS is well placed to grow as it has the means for substantial expansion potential at its existing Pilgangoora operations in Western Australia."

What were the latest earnings results from the ASX 200 lithium miner?

PLS reported its half-year results (H1 FY 2026) on 19 February.

Highlights included a 47% year-on-year increase in revenue jumped to $624 million. And on the bottom line, PLS reported a net profit after tax (NPAT) of $33 million, up from a $69 million loss in H1 FY 2025.

Amid high market expectations, PLS shares closed down 0.9% on the day of the results release.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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