Short Interest in Snow Lake Resources Ltd. (NASDAQ:LITM) Expands By 45.2%

Snow Lake Resources Ltd. (NASDAQ:LITM) was the target of a significant increase in short interest in the month of 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. Approximately 5.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 392,346 shares, the days-to-cover ratio is currently 2.2 days. Based on an average daily trading volume, of 392,346 shares, the days-to-cover ratio is currently 2.2 days. Approximately 5.6% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

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

Snow Lake Resources Stock Down 12.2%

Shares of NASDAQ LITM opened at $3.09 on Friday. The stock’s fifty day simple moving average is $3.43 and its 200 day simple moving average is $3.86. The stock has a market capitalization of $55.71 million, a price-to-earnings ratio of -0.79 and a beta of 0.54. Snow Lake Resources has a 52-week low of $2.34 and a 52-week high of $11.70.

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

Institutional Investors Weigh In On Snow Lake Resources

An institutional investor recently bought a new position in Snow Lake Resources stock. GSA Capital Partners LLP acquired a new position in Snow Lake Resources Ltd. (NASDAQ:LITM) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 15,673 shares of the company’s stock, valued at approximately $69,000. GSA Capital Partners LLP owned 0.18% of Snow Lake Resources as of its most recent filing with the SEC. Hedge funds and other institutional investors own 0.24% of the company’s stock.

Snow Lake Resources Company Profile

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.