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

Shares in the lithium favourite have more than doubled in 2023.

| More on:
Roaring Lion

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • The Liontown share price roared to a new record high in Wednesday's session
  • The stock peaked at $2.97, 3.5% higher than its previous close
  • It follows a stellar few months for the company's share price, driven by an acquisition offer from an industry giant

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.

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.

More on Record Highs

A beautiful ocean vista is shown with a woman whose back is to the camera holding her arms up in triumph as she stands at the top of a rock feeling thrilled that ASX 200 shares are reaching multi-year high prices today
Share Market News

The ASX 200 just hit another new record high on Monday

The ASX 200 just breached Friday’s record to set a new all-time high today.

Read more »

A man wearing a red jacket and mountain hiking clothes stands at the top of a mountain peak and looks out over countless mountain ranges.
Technology Shares

The Nasdaq just hit a fresh all-time high. What could it mean for Aussie investors?

With the Nasdaq at fresh highs, ASX tech shares are reaping the benefits.

Read more »

ETF written in gold with dollar signs on coin.
ETFs

4 hot ASX ETFs smashing all-time highs on Thursday

ETFs are on fire this Thursday.

Read more »

Yellow rising arrow on a brick wall with a man on a ladder.
Record Highs

How did the Brickworks share price just hit an all-time high?

This stock is building up investor excitement.

Read more »

rising asx share price represented by drone flying in the air
Technology Shares

How has the DroneShield share price gained 90% in a month?

DroneShield shares are once again at a new record high today.

Read more »

Apple CEO Tim Cook
Technology Shares

Apple Vision Pro and an ASX 200 healthcare share hitting all-time highs

This healthcare company has launched a 'groundbreaking' offering on Apple's new device.

Read more »

Man raising both his arms in the air with a piggy bank on his lap, symbolising a record high.
Record Highs

Big ASX 200 news! Aussie shares just reached a new record high

There's one thing that is probably behind today's new record highs for ASX shares.

Read more »

A female employee in a hard hat and overalls with high visibility stripes sits at the wheel of a large mining vehicle with mining equipment in the background.
Resources Shares

$30 each? Here's why the Fortescue share price just hit a new all-time high

Fortescue shares are now up more than 33% in a year.

Read more »