The Core Lithium Ltd (ASX: CXO) share price is enjoying a welcome boost today.
Shares in the S&P/ASX 200 Index (ASX: XJO) lithium stock closed flat yesterday at 38 cents. In morning trade on Wednesday, shares are swapping hands for 39.8 cents apiece, up 4.61%.
This comes despite a 0.84% decline in the ASX 200 and selling pressure on many of its lithium-producing peers.
There could be some bargain hunting going on with Core Lithium, with shares in the lithium miner down 76% over the past 12 months.
Shareholders will be breathing a bit easier following today's lift, after seeing the Core Lithium share price plumb new 52-week lows no less than 11 times since 24 July.
Why has the Core Lithium share price been hitting new lows?
Monday saw the ASX 200 lithium stock close down 1.3%, continuing a lengthy string of losses and marking another fresh 52-week low.
Shares closed flat yesterday, leaving shares at lows not seen in more than a year.
August was a horror month for shareholders, with the stock closing the month down 36%.
Selling was spurred by a range of factors, including an increase in the miner's production costs guidance, coupled with disappointing production forecasts at its Finniss Lithium Project.
A $120 million capital raising in August also saw investors rushing for the exits.
That was largely due to the massive 26% discount that the new shares were issued for compared to the closing price on the day prior to the cap-raise announcement. Management issued the new shares for 40 cents apiece.
That's now 0.5% higher than the current Core Lithium share price, which could be helping lift the lithium stock today.
