The Allkem Ltd (ASX: AKE) share price is taking off on Wednesday despite no news being released by the company – yet.
The lithium chemicals company is set to release its quarterly report tomorrow. The market might be boosting Allkem's value higher today in anticipation.
At the time of writing, the Allkem share price is $13.22, 3.52% higher than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) is currently up 0.36% while the S&P/ASX 200 Materials Index (ASX: XMJ) has jumped 0.75%.
Let's take a closer look at how Allkem and its peers are performing on Wednesday.
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What's going on with the Allkem share price today?
The Allkem share price is in the green today, but it's not the best-performing lithium stock in the ASX 200 materials sector.
That title goes to the AVZ Minerals Ltd (ASX: AVZ) share price. Right now, it has gained 9.22% on news of its Manono Lithium and Tin Project.
Allkem shares are also being outperformed by those of Mineral Resources Limited (ASX: MIN) and Liontown Resources Limited (ASX: LTR). They've gained 4.3% and 3.9% respectively.
Though, Allkem isn't without its fans.
As The Motley Fool's Zach Bristow reported earlier this week, brokers are bullish on the stock's future.
JP Morgan has an $18.50 price target on the stock – assuming the Allkem share price has a 40% upside.
Bell Potter is also optimistic about the company. It's slapped Allkem with an $18.05 price target.
