Why Snow Lake Resources (LITM) Stock Is Up 26% Today

Snow Lake Resources Ltd LITM, operating as Snow Lake Energy, shares are trading higher by 26.6% to 52 cents during Tuesday’s session. The company announced a $10 million share repurchase program.

What To Know: Snow Lake Resources says the company's board believes its stock may be undervalued and sees the buyback as a strategic use of corporate funds to enhance liquidity.

Initially, Snow Lake plans to repurchase up to 4,926,476 common shares through ThinkEquity LLC via Nasdaq, using open market purchases, private transactions, or other legal methods. But, the actual number of shares bought will depend on market conditions and regulatory constraints

The program begins on March 24, and runs for a month, ending either on April 24 or once the buyback limit is reached. Snow Lake retains the right to adjust or terminate the program at its discretion based on liquidity, market conditions, and corporate needs.

Read Also: BigBear.ai Stock Is Trading Lower Today: What’s Happening?

How To Buy LITM Stock

By now you're likely curious about how to participate in the market for Snow Lake Resources – be it to purchase shares or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.

According to data from Benzinga Pro, LITM has a 52-week high of $1.88 and a 52-week low of $0.15.