Are millionaire investors going cold on Core Lithium shares?

The lithium miner hit a new 52-week low this morning before rebounding.

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Core Lithium Ltd (ASX: CXO) shares and other ASX lithium stocks are in the green today.

However, in earlier trading, Core Lithium stock hit a new 52-week low of 57 cents.

Shares in the lithium producer have since rebounded and are now up 4.3% for the day at 61 cents per share.

Core Lithium shares out of favour

Core Lithium shares have tumbled by 58% over the past year.

Clearly, they're out of favour right now.

The lithium mining share is the most shorted stock of the ASX 200 today.

Its short interest has increased to 11.3%.

Investors were disappointed two weeks ago when the miner announced lower production forecasts for FY23 and FY25. It also revised its C1 costs higher to between A$1,165 and A$1,250 per tonne.

It seems the 'smart money' isn't much of a fan of Core Lithium shares, either.

Millionaire investors dodging lithium junior

Data from trading platform Selfwealth Ltd (ASX: SWF) suggests millionaire investors are shunning Core Lithium while non-millionaires are broadly supportive of the junior lithium miner.

The data tracked trading activity between 1 July and 7 August.

Millionaire investors were defined as those with portfolios worth $1 million or more.

The data showed Core Lithium shares were among the top 15 stocks traded by baby boomers overall. But the miner didn't make the top 30 for millionaire boomers.

Non-millionaire investors in the Gen X cohort also like Core Lithium, along with Pilbara Minerals Ltd (ASX: PLS) and BHP Group Ltd (ASX: BHP). Millionaire Gen Xers favour US tech stocks.

Among millennial investors, Core Lithium and Pilbara Minerals are among the top 10 traded stocks.

According to the data, 63% of Core Lithium transactions and 57% of Pilbara Minerals transactions among millennials were buys.

Neither lithium stock featured in the trading activity of millennial millionaires.

Share price review

Over the past year, Core Lithium shares have traded between a low of 57 cents and a high of $1.88.

Pilbara Minerals shares are also up today by 1.3% to $5.36.

The lithium stock has traded between a low of $2.95 and a high of $5.66 over the past 12 months.

Motley Fool contributor Bronwyn Allen has positions in BHP Group and Core Lithium. 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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