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

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

Analysts Set New Price Targets

Separately, Weiss Ratings restated 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, According to data from MarketBeat.com, the company has a consensus rating of “Sell”.

Snow Lake Resources Stock Down 15.6%

The firm has a market capitalization of $43.85 million, a PE ratio of -0.62 and a beta of 0.55. The company’s 50-day simple moving average is $3.09 and its 200 day simple moving average is $3.56.

Institutional Investors Weigh In On Snow Lake Resources

Several institutional investors have recently added to or reduced their stakes in the business. Jane Street Group LLC purchased a new stake in shares of Snow Lake Resources during the fourth quarter worth about $197,000. J.W. Cole Advisors Inc. purchased a new position in shares of Snow Lake Resources in the 4th quarter valued at approximately $148,000. Virtu Financial LLC acquired a new stake in Snow Lake Resources in the 4th quarter worth approximately $133,000. Alps Advisors Inc. acquired a new stake in Snow Lake Resources in the 4th quarter worth approximately $105,000. Finally, LPL Financial LLC purchased a new stake in Snow Lake Resources during the 4th quarter worth approximately $52,000. Institutional investors and hedge funds own 0.24% of the company’s stock.

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.