Sprott Lithium Miners ETF (NASDAQ:LITP) Trading Down 4.6% – Here’s What Happened

Sprott Lithium Miners ETF (NASDAQ:LITP)’s stock price dropped 4.6% on Friday . The company traded as low as $10.96 and last traded at $11.02. Approximately 64,212 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 208,901 shares. The stock had previously closed at $11.55.

Sprott Lithium Miners ETF Trading Down 4.6%

The firm has a market cap of $49.15 million, a P/E ratio of 16.45 and a beta of 1.04. The firm’s 50 day moving average is $13.53 and its two-hundred day moving average is $11.60.

Hedge Funds Weigh In On Sprott Lithium Miners ETF

A number of hedge funds and other institutional investors have recently made changes to their positions in LITP. Sankala Group LLC acquired a new position in shares of Sprott Lithium Miners ETF in the 4th quarter valued at $56,000. Sprott Inc. raised its stake in Sprott Lithium Miners ETF by 16.3% during the 4th quarter. Sprott Inc. now owns 44,740 shares of the company’s stock worth $539,000 after buying an additional 6,275 shares during the period. Jane Street Group LLC bought a new position in Sprott Lithium Miners ETF during the fourth quarter worth about $138,000. Finally, Susquehanna International Group LLP bought a new position in Sprott Lithium Miners ETF during the third quarter worth about $160,000.

About Sprott Lithium Miners ETF

The Sprott Lithium Miners ETF (LITP) is an exchange-traded fund that is based on the Nasdaq Sprott Lithium Miners index. The fund aims to support the worldwide clean energy transition by tracking an index of global companies in the lithium industry. Securities are selected based on revenue and weighted by market-cap. LITP was launched on Feb 1, 2023 and is managed by Sprott.