Snow Lake Resources Ltd. (NASDAQ:LITM) Short Interest Down 37.8% in October

Snow Lake Resources Ltd. (NASDAQ:LITM) was the recipient of a significant drop in short interest in October. As of October 15th, there was short interest totaling 469,100 shares, a drop of 37.8% from the September 30th total of 754,400 shares. Based on an average daily volume of 1,770,000 shares, the days-to-cover ratio is currently 0.3 days. Approximately 6.0% of the company’s shares are sold short. Approximately 6.0% of the company’s shares are sold short. Based on an average daily volume of 1,770,000 shares, the days-to-cover ratio is currently 0.3 days.

Institutional Investors Weigh In On Snow Lake Resources

An institutional investor recently raised its position in Snow Lake Resources stock. United Capital Management of KS Inc. grew its stake in shares of Snow Lake Resources Ltd. (NASDAQ:LITM) by 100.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 70,000 shares of the company’s stock after purchasing an additional 35,000 shares during the period. United Capital Management of KS Inc. owned approximately 0.90% of Snow Lake Resources worth $36,000 as of its most recent filing with the Securities and Exchange Commission. 0.24% of the stock is owned by institutional investors and hedge funds.

Snow Lake Resources Trading Down 6.5%

LITM stock traded down $0.26 during mid-day trading on Monday, reaching $3.75. The company’s stock had a trading volume of 831,315 shares, compared to its average volume of 3,977,599. The company has a market cap of $29.33 million, a price-to-earnings ratio of -0.96 and a beta of 0.52. The business’s 50 day moving average price is $4.34 and its 200 day moving average price is $4.11. Snow Lake Resources has a 12 month low of $1.98 and a 12 month high of $24.44.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Snow Lake Resources in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has an average rating of “Sell”.

About Snow Lake Resources

Snow Lake Resources Ltd., a natural resource exploration company, engages in the exploration and development of mineral resources in Canada. The company explores for lithium mineral resources. Its flagship property is the Thomson Brothers and Grass River lithium projects located to Crowduck Bay Fault region.