Snow Lake Resources (NASDAQ:LITM) Shares Down 15.6% – Time to Sell?

Snow Lake Resources Ltd. (NASDAQ:LITM)’s share price dropped 15.6% during 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.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Snow Lake Resources in a report on Monday, December 22nd. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Sell”.

Snow Lake Resources Stock Down 15.6%

The company has a market capitalization of $43.85 million, a PE ratio of -0.62 and a beta of 0.55. The firm has a 50-day moving average of $3.13 and a two-hundred day moving average of $3.58.

Hedge Funds Weigh In On Snow Lake Resources

A number of hedge funds have recently modified their holdings of LITM. Jane Street Group LLC acquired a new stake in shares of Snow Lake Resources during the 4th quarter worth about $197,000. J.W. Cole Advisors Inc. purchased a new position in Snow Lake Resources during the fourth quarter worth about $148,000. Virtu Financial LLC acquired a new stake in shares of Snow Lake Resources during the fourth quarter valued at about $133,000. Alps Advisors Inc. acquired a new stake in shares of Snow Lake Resources during the fourth quarter valued at about $105,000. Finally, LPL Financial LLC purchased a new stake in shares of Snow Lake Resources in the 4th quarter valued at approximately $52,000. 0.24% of the stock is currently owned by hedge funds and other institutional investors.

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.