Lithium Ionic (CVE:LTH) Shares Down 7% – Here’s What Happened

Shares of Lithium Ionic Corp. (CVE:LTH) were down 7% on Friday . The company traded as low as C$1.17 and last traded at C$1.20. Approximately 220,404 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 396,622 shares. The stock had previously closed at C$1.29.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on LTH. Cormark raised shares of Lithium Ionic to a “moderate buy” rating in a research note on Thursday, September 25th. BMO Capital Markets upped their price target on shares of Lithium Ionic from C$1.25 to C$1.50 and gave the company an “outperform” rating in a report on Monday, September 22nd. Finally, Canaccord Genuity Group increased their price target on shares of Lithium Ionic from C$1.80 to C$2.15 and gave the company a “speculative buy” rating in a research report on Thursday, September 18th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of C$1.83.

Lithium Ionic Stock Down 7.0%

The firm has a market cap of C$208.50 million, a price-to-earnings ratio of -120.00 and a beta of 0.95. The business has a 50 day moving average of C$0.87 and a 200 day moving average of C$0.77.