Down 39% in a year, why IGO shares still look overpriced

Down 39% in a year, why IGO shares still look overpriced

IGO Ltd (ASX: IGO) shares have taken a beating over the past year amid slumping lithium prices. A more than 15% fall in the nickel price over the past 12 months hasn't helped matters at IGO's Nova nickel mine either. In afternoon trade today, however, the S&P/ASX 200 Index (ASX: XJO) lithium miner is enjoying a welcome day of gains. At the time of writing on Thursday, shares are changing hands for $4.18 apiece, up 5.6%. Still, that leaves IGO sh…