Snow Lake Resources Ltd. (NASDAQ:LITM) Sees Large Increase in Short Interest

Snow Lake Resources Ltd. (NASDAQ:LITM) was the target of a large increase in short interest in January. As of January 15th, there was short interest totaling 871,562 shares, an increase of 45.2% from the December 31st total of 600,303 shares. Currently, 5.6% of the company’s stock are short sold. Based on an average daily trading volume, of 392,346 shares, the days-to-cover ratio is presently 2.2 days. Based on an average daily trading volume, of 392,346 shares, the days-to-cover ratio is presently 2.2 days. Currently, 5.6% of the company’s stock are short sold.

Snow Lake Resources Stock Up 1.0%

LITM stock traded up $0.03 during midday trading on Monday, hitting $3.12. 348,901 shares of the company traded hands, compared to its average volume of 526,334. Snow Lake Resources has a twelve month low of $2.34 and a twelve month high of $11.70. The stock has a market capitalization of $56.25 million, a price-to-earnings ratio of -0.80 and a beta of 0.54. The business has a 50 day simple moving average of $3.44 and a 200-day simple moving average of $3.85.

Snow Lake Resources (NASDAQ:LITM) last posted its earnings results on Friday, October 31st. The company reported ($0.69) earnings per share (EPS) for the quarter.

Hedge Funds Weigh In On 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 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 10,000 shares of the company’s stock, valued at approximately $30,000. Brave Asset Management Inc. owned 0.06% of Snow Lake Resources at the end of the most recent reporting period. 0.24% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

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.