Simple counter arguments.
1. Sector wide retrace over most lithium stocks (even other mineral sectors since mid-Jan). Is PLS an overvalued stock also? The point is that it wasn't just AVZ that has come down from its high.
2.
AVZ raised $15 mil at 25c in addition to VanEck Vectors Rare Earth/Strategic Metals ETF buying another $14 million worth of shares at near 30c. I highly doubt these folks throw away their money so easily on overvalued stocks.
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