Short Interest in Snow Lake Resources Ltd. (NASDAQ:LITM) Expands By 45.2%

Snow Lake Resources Ltd. (NASDAQ:LITM) saw a significant growth in short interest in the month of January. As of January 15th, there was short interest totaling 871,562 shares, a growth of 45.2% from the December 31st total of 600,303 shares. Based on an average daily trading volume, of 392,346 shares, the short-interest ratio is presently 2.2 days. Approximately 5.6% of the company’s stock are short sold. Approximately 5.6% of the company’s stock are short sold. Based on an average daily trading volume, of 392,346 shares, the short-interest ratio is presently 2.2 days.

Snow Lake Resources Price Performance

Shares of LITM stock opened at $3.12 on Tuesday. The company’s fifty day moving average price is $3.44 and its two-hundred day moving average price is $3.85. The firm has a market capitalization of $56.25 million, a P/E ratio of -0.80 and a beta of 0.54. Snow Lake Resources has a 12 month low of $2.34 and a 12 month high of $11.70.

Snow Lake Resources (NASDAQ:LITM) last announced its earnings results on Friday, October 31st. The company reported ($0.69) earnings per share for the quarter.

Hedge Funds Weigh In On Snow Lake Resources

A hedge fund recently bought a new stake in Snow Lake Resources stock. Brave Asset Management Inc. purchased a new position in shares of Snow Lake Resources Ltd. (NASDAQ:LITM) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 10,000 shares of the company’s stock, valued at approximately $30,000. Brave Asset Management Inc. owned approximately 0.06% of Snow Lake Resources at the end of the most recent quarter. 0.24% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Snow Lake Resources in a report on Monday, December 22nd. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has a consensus rating of “Sell”.

About Snow Lake Resources

Snow Lake Resources Ltd. (NASDAQ: LITM) is a Vancouver-based exploration and development company specializing in lithium resources. The company’s principal asset, the Snow Lake Project, is located in Quebec’s Eeyou Istchee James Bay territory and adjacent parts of Manitoba, Canada. Snow Lake Resources is publicly traded on the Nasdaq Capital Market, where it pursues the advancement of its flagship spodumene deposit toward commercial production.

The Snow Lake Project holds a significant inferred and indicated lithium mineral resource hosted within pegmatite dykes.