Sigma Lithium (NASDAQ:SGML) Shares Gap Up – Here’s What Happened

Sigma Lithium Corporation (NASDAQ:SGML)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $13.50, but opened at $13.94. Sigma Lithium shares last traded at $14.39, with a volume of 584,466 shares traded.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Zacks Research upgraded Sigma Lithium from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 25th. Weiss Ratings reissued a “sell (e+)” rating on shares of Sigma Lithium in a research note on Monday, December 15th. Finally, Bank of America cut shares of Sigma Lithium from a “buy” rating to a “neutral” rating and set a $7.00 price target on the stock. in a research report on Friday, October 24th. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $7.00.

Sigma Lithium Price Performance

The stock has a market capitalization of $1.51 billion, a P/E ratio of -43.52 and a beta of 0.01. The firm has a 50-day moving average price of $8.33 and a 200 day moving average price of $6.77. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.32 and a current ratio of 0.49.

Sigma Lithium (NASDAQ:SGML) last announced its earnings results on Friday, November 14th. The company reported ($0.10) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.10). The business had revenue of $28.55 million during the quarter, compared to the consensus estimate of $70.54 million. Sigma Lithium had a negative net margin of 24.13% and a negative return on equity of 35.97%. On average, analysts expect that Sigma Lithium Corporation will post -0.12 EPS for the current year.

Institutional Trading of Sigma Lithium

Institutional investors and hedge funds have recently made changes to their positions in the business. Appian Way Asset Management LP raised its holdings in shares of Sigma Lithium by 5.3% during the 1st quarter. Appian Way Asset Management LP now owns 4,963,006 shares of the company’s stock worth $51,615,000 after acquiring an additional 250,581 shares during the period. Van ECK Associates Corp grew its position in shares of Sigma Lithium by 142.8% during the third quarter. Van ECK Associates Corp now owns 4,606,668 shares of the company’s stock worth $29,529,000 after buying an additional 2,709,397 shares in the last quarter. Woodline Partners LP lifted its position in shares of Sigma Lithium by 26.6% during the 3rd quarter. Woodline Partners LP now owns 2,964,909 shares of the company’s stock worth $19,005,000 after purchasing an additional 623,832 shares during the last quarter. Norges Bank acquired a new stake in shares of Sigma Lithium during the 2nd quarter worth about $11,250,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Sigma Lithium by 24.9% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,550,713 shares of the company’s stock worth $7,091,000 after acquiring an additional 309,338 shares in the last quarter. 64.86% of the stock is currently owned by hedge funds and other institutional investors.

About Sigma Lithium

Sigma Lithium Corp. is a Canada-based mineral exploration and development company focused on the sustainable production of battery-grade lithium from hard rock deposits. The company’s flagship asset is the Grota do Cirilo lithium project, located in the state of Minas Gerais, Brazil. Grota do Cirilo comprises a fully permitted, low-altitude spodumene mine and processing plant designed to produce high-purity lithium concentrate and downstream lithium hydroxide for the global electric vehicle and energy storage markets.

Since its founding in 2018, Sigma Lithium has pursued a vertically integrated approach, overseeing each stage of production from ore extraction and beneficiation to chemical conversion.