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Livent Corp (NYSE:LTHM) shares traded lower on Wednesday. The stock's recent rally has been put into check over the past few days.
Here are the details you need to know.
What To Know: Shares of the stock had been in a prolonged downtrend since July before finally picking up in December, a move which may have been influenced by macroeconomic developments that lifted markets last month.
The stock charged higher by more than 34% before cooling off as the second half of December approached. During the same time, the company announced that its shareholders, in addition to those of Allkem Limited, approved a merger of equals.
The stock turned higher after the short-lived pullback, ending the year on a strong note, attributed to news that Mizuho analyst John Roberts maintained Livent with a Neutral rating and raised the price target from $15 to $20.
However, following the tremendous end to 2023, Livent stock struggled alongside the broader U.S. equities market to hold its ground in the new year amid rising U.S. Treasury yields.
The stock's 13% drop in price on Wednesday created some stir, as it made an appearance on Yahoo's Trending page.
The sell-off was also marked by unusually high volume, with the stock experiencing an above-average trading volume of 52.05 million shares, compared to its average volume of 5.93 million.
It is also worth noting that before the most recent pullback, the stock met with a significant resistance level from mid-October.
LTHM Price Action: Shares of LTHM were down 8.61% at $16.50 at the close of the market, according to Benzinga Pro.
Photo: Oleg Gamulinskii from Pixabay
Posted In: LTHM
