Lithium Ionic (CVE:LTH) Shares Down 7% – What’s Next?

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

Analysts Set New Price Targets

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

Lithium Ionic Price Performance

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