The Lake Resources NL (ASX: LKE) share price has tumbled into the red this afternoon despite a strong performance from many of the company's fellow S&P/ASX 200 Index (ASX: XJO) lithium stocks.
Right now, the Lake Resources share price is $1.19, 1.65% lower than its previous close.
For context, the ASX 200 is down 0.99% right now while the S&P/ASX 200 Materials Index (ASX: XMJ) is recording a 0.29% gain.
Let's take a closer look at what might be going on with the lithium share today.
Is this driving the Lake Resources share price today?
Shares in Lake Resources have tumbled into the red this afternoon after spending much of the day in the green.
It comes as lithium shares lead the way in the materials sector. The Allkem Ltd (ASX: AKE) share price is currently the sector's best performer, followed by that of Pilbara Minerals Ltd (ASX: PLS). They've gained 5% and 3.15% respectively.
Their strong performance comes after Pilbara Minerals released its full-year earnings this morning, detailing its maiden profit. The company posted $1.2 billion of revenue, $814.5 million of earnings before interest, tax, depreciation, and amortisation (EBITDA), and $561.8 million of net profit after tax (NPAT).
Of course, such exciting news from the lithium giant may have turned the market's attention to some of its peers. Though, Lake Resources shares appear to have missed out.
It's also worth noting that recently Macquarie upgraded its outlook for lithium. Such bullish sentiment might also be driving some lithium shares to outperform today.
The broker tipped lithium carbonate and hydroxide prices to stay higher for longer than previously expected and predicted spodumene will reach US$5,000 a tonne on a quarterly average, as my Fool colleague Brendon reported yesterday.
That might mean more blue (or green) skies for the Lake Resources share price in the future.
The stock is already 10% higher than it was at the start of 2022. It has also gained 113% since this time last year.
