Snow Lake Resources (NASDAQ:LITM) Stock Price Down 15.6% – Here’s Why

Snow Lake Resources Ltd. (NASDAQ:LITM) shares traded down 15.6% during mid-day trading on Wednesday . The company traded as low as $2.23 and last traded at $2.4320. 1,731,295 shares changed hands during mid-day trading, an increase of 418% from the average session volume of 334,356 shares. The stock had previously closed at $2.88.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Snow Lake Resources in a research note on Monday, December 22nd. One analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has an average rating of “Sell”.

Snow Lake Resources Trading Down 15.6%

The firm’s fifty day moving average price is $3.13 and its 200 day moving average price is $3.58. The firm has a market capitalization of $43.85 million, a PE ratio of -0.62 and a beta of 0.55.

Institutional Investors Weigh In On Snow Lake Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Virtu Financial LLC acquired a new position in Snow Lake Resources during the fourth quarter worth about $133,000. Marex Group plc acquired a new stake in Snow Lake Resources in the 4th quarter valued at about $39,000. Alps Advisors Inc. purchased a new position in Snow Lake Resources in the 4th quarter worth approximately $105,000. Jane Street Group LLC purchased a new position in Snow Lake Resources in the 4th quarter worth approximately $197,000. Finally, J.W. Cole Advisors Inc. acquired a new position in shares of Snow Lake Resources during the 4th quarter worth approximately $148,000. Institutional investors and hedge funds own 0.24% of the company’s stock.

Snow Lake Resources Company Profile

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.