Why the Pilbara Minerals (ASX:PLS) share price jumped 8% to a 52-week high

The market may be sinking lower but the same cannot be said for the Pilbara Minerals Ltd (ASX: PLS) share price on Wednesday.

In afternoon trade the lithium miner’s shares have surged 8% higher to a 52-week high of $1.01.

Why is the Pilbara Minerals share price surging higher?

Investors have been buying the company’s shares this afternoon following the release of an update on its second quarter shipments.

According to the release, the company achieved record quarterly shipments of 70,609 dry metric tonnes (dmt) of spodumene concentrate to offtake partners.

This means the company exceeded its previous sales guidance for the quarter, which forecast shipments to be in the range of 55,000 to 70,000 dmt.

It also represents a 38%…