Liontown share price cracks yet another all-time high on Wednesday

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The share price of S&P/ASX 200 Index (ASX: XJO) lithium favourite Liontown Resources Ltd (ASX: LTR) is soaring once more on Wednesday, leaping to hit yet another record high.

The stock peaked at $2.97 earlier in today’s session, marking a 3.48% improvement on its previous close.

Though, it hasn’t managed to hold onto its gains. Right now, the Liontown share price is $2.91, 1.39% higher than it was at the end of Tuesday’s session.

For comparison, the ASX 200 has slumped 0.31% at the time of writing.

It marks the third time this month the company’s stock has posted an all-time high. So, what’s been going right for the ASX 200 lithium share? Let’s take a look.

What’s been going right for the Liontown share price?

It’s been an exciting few months for Liontown in many respects. The company has made strides with its flagship Kathleen Valley lithium project and batted away a takeover bid from industry giant Albemarle.

On the former, the company announced it had kicked off open pit mining at the project in February, catapulting it from explorer to miner.

Construction at the project has since continued, with first production on track for mid-2024.

The milestone might have enticed lithium giant Albemarle to throw a $2.50 per share takeover bid at Liontown in late March. The ASX 200 company, however, wasn’t playing ball.

It rejected the offer and the market catapulted its share price a whopping 67% in response.

The stock was boosted once more last week when the company shut down rumours it had been approached with a new takeover offer.  

It’s also worth noting that shorting of Liontown shares has reduced dramatically in recent months. After peaking at 9.1% in March, the stock’s short interest has plunged to 5% at last count.

And it’s little wonder why. The Liontown share price has more than doubled since the start of this year, having risen 137% year to date. That likely dinted the wallets of some short sellers.

Meanwhile, the ASX 200 has gained 4% since the start of 2023.

The post Liontown share price cracks yet another all-time high on Wednesday appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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