Snow Lake Resources (NASDAQ:LITM) Stock Price Down 2.9% – Time to Sell?

Snow Lake Resources Ltd. (NASDAQ:LITM) traded down 2.9% during trading on Wednesday . The stock traded as low as $3.27 and last traded at $3.40. 538,730 shares changed hands during trading, an increase of 69% from the average session volume of 319,451 shares. The stock had previously closed at $3.50.

Analyst Ratings Changes

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

Snow Lake Resources Price Performance

The company has a market capitalization of $61.30 million, a price-to-earnings ratio of -0.87 and a beta of 0.54. The firm has a fifty day simple moving average of $3.33 and a 200 day simple moving average of $3.88.

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.

Institutional Trading of Snow Lake Resources

An institutional investor recently bought a new position in Snow Lake Resources stock. Brave Asset Management Inc. bought 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 fund bought 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 as of its most recent SEC filing. Hedge funds and other institutional investors 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.