Sigma Lithium (NASDAQ:SGML) Shares Gap Up – What’s Next?

Sigma Lithium Corporation (NASDAQ:SGML) shares gapped up prior to trading on Monday . The stock had previously closed at $10.78, but opened at $11.47. Sigma Lithium shares last traded at $10.95, with a volume of 1,913,567 shares trading hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Bank of America reiterated an “underperform” rating and issued a $13.00 price objective (up from $11.00) on shares of Sigma Lithium in a report on Thursday, January 8th. Canaccord Genuity Group upgraded Sigma Lithium from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Weiss Ratings reissued a “sell (e+)” rating on shares of Sigma Lithium in a research report on Monday, December 29th. BMO Capital Markets reiterated an “outperform” rating and set a $18.00 price target on shares of Sigma Lithium in a research note on Wednesday, January 14th. Finally, Zacks Research upgraded Sigma Lithium from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 25th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Sigma Lithium currently has a consensus rating of “Reduce” and an average target price of $17.17.

Sigma Lithium Stock Performance

The company has a quick ratio of 0.32, a current ratio of 0.49 and a debt-to-equity ratio of 1.38. The firm has a 50-day moving average price of $12.57 and a 200 day moving average price of $8.53. The firm has a market capitalization of $1.22 billion and a PE ratio of -35.05.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Waratah Capital Advisors Ltd. raised its stake in Sigma Lithium by 93.0% during the 2nd quarter. Waratah Capital Advisors Ltd. now owns 227,330 shares of the company’s stock valued at $1,023,000 after acquiring an additional 109,530 shares during the last quarter. CenterBook Partners LP raised its position in Sigma Lithium by 416.8% during the 2nd quarter. CenterBook Partners LP now owns 816,515 shares of the company’s stock worth $3,674,000 after buying an additional 658,533 shares during the last quarter. Aberdeen Group plc purchased a new stake in shares of Sigma Lithium in the second quarter valued at about $187,000. Monaco Asset Management SAM acquired a new position in shares of Sigma Lithium during the second quarter worth about $225,000. Finally, Credit Industriel ET Commercial raised its holdings in Sigma Lithium by 177.8% during the second quarter. Credit Industriel ET Commercial now owns 250,000 shares of the company’s stock worth $1,125,000 after purchasing an additional 160,000 shares in the last quarter. 64.86% of the stock is owned by hedge funds and other institutional investors.

Sigma Lithium Company Profile

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.