Lake Resources (ASX: LKE) up 9% in a week: Is this lithium stock set for a rebound?.

Tue 09 May 23, 01:15 PM |

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Lake Resources (ASX: LKE) snapped its three-day gaining streak to end 1.92% lower at AUD 0.510 per share on Tuesday, 9 May 2023. Despite today's losses, the stock is up 8.5% in a week. LKE and other ASX lithium miners witnessed some rebound in the last week following reports that China's EV sales and battery production are returning to the growth path, making a case for a revival in battery metal prices.

Despite the gains seen in LKE share price in the last one week, the stock is down nearly 65% in the last one year. Last month on 27 April, LKE shares made a 52-week low of AUD 0.405.

Worth mentioning here is that troubles for LKE began in June last year when the company announced the resignation of its CEO, Steve Promnitz. On 21 June 2022, Promnitz sold his 10.2 million shares in the company, few minutes before the stock's debut into the S&P/ASX 200 index. After this, US short seller J Capital published a report with a series of claims against the company, leading to a nearly 60% correction in LKE share price in just one week.

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