News, Price Analysis, Stocks

Core Lithium Shares Gained 50% in One Month: Here’s Why

  • Core Lithium stock gained approximately 50% within a month as the company attracted increased investors.
  • Short positions count in the firm’s share declined to 5.6% by last week.
  • Core Lithium stock gained 324% over the past year.

Core Lithium stakeholders have seen a somewhat eventful week. ASX: CXO bounced back to the $1.665 high on Tuesday after hitting the 90-cent low on July 18.

Moreover, Core Lithium stock remains 47.3% high in one month, regardless of some retracements. The share closed at $1.40 on Friday. Let us check what has been influencing the firm’s shares recently.

Core Lithium Shares Still Elevated

The company witnessed amplified short bets in mid-July as analysts predicted an ugly economic picture. Core Lithium share witnessed over 8% of the overall value shorted by July 18. Nevertheless, the latest market revival has seen investors closing their positions. That has positively affected the Core Lithium stock.

The ASIC (Australian Securities and Investments Commission) published a short position data last week. It stated that nearly 5.6% of the stocks remained in shorts.

Moreover, the lithium sector’s upsurge seems to support Core Lithium stocks. Also, Lithium competitors such as Liontown Resources Ltd and Lake Resources NL saw their shares gain 63% and 94% within one month, respectively.

Core Lithium updated about its exploration undertakings this week, emphasizing its advance at the Anningie-Barrow Creek and Finniss Lithium Projects.

The company’s shares reacted to the news with a 9.86% surge. Meanwhile, the company targets the initial spodumene concentrate production by 2022 end. That might mean a lucrative further for the share price.

Core Lithium Stock Outlook

The Core Lithium stock price maintained upside trends within the last 12 months, gaining 324%. Meanwhile, the ASX/S&P 200 Materials (ASX: XMJ) sector remained flat during that time frame. Core Lithium’s market cap stood at approximately $2.42 billion, considering today’s price.

About Core Lithium Company

Core Lithium is a renowned lithium exploration firm. The company explores lithium and copper deposits in South Australia and Nothern Territory. Meanwhile, its projects involve lead, Finniss Lithium, copper, and zinc.

Stay tuned for the latest developments in the stock market.

Leave a Reply

Your email address will not be published. Required fields are marked *