The Lake Resources N.L. (ASX: LKE) share price is deep in the red on Thursday.
In morning trade, the lithium developer's shares were down as much as 9% to $1.37.
The Lake share price has recovered a touch this afternoon but remains down 5% at $1.43 currently.
Why is the Lake share price falling?
The weakness in the Lake share price has been driven by another market selloff today. This follows a disappointing night of trade on Wall Street, which saw the Dow Jones drop 2.3% and the Nasdaq tumble 4.7%.
Lake isn't the only lithium share falling today. At the time of writing, the Liontown Resources Limited (ASX: LTR) share price is down 4% and the Sayona Mining Ltd (ASX: SYA) share price is down 7%.
Today's decline means the Lake share price is now down by almost 40% in the space of a month. However, it is still up almost 600% since this time last year despite this recent weakness.
Is this a buying opportunity?
Based on a note out of Bell Potter from last month, its analysts are likely to see the pullback in the Lake share price as a buying opportunity.
Its analysts currently have a speculative buy rating and $2.83 price target. This implies potential upside of almost 100% over the next 12 months.
