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

Shares of Sigma Lithium Corporation (NASDAQ:SGML) gapped down prior to trading on Thursday . The stock had previously closed at $12.30, but opened at $11.15. Sigma Lithium shares last traded at $11.2170, with a volume of 1,141,554 shares traded.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Zacks Research raised Sigma Lithium from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 25th. Bank of America upgraded Sigma Lithium from an “underperform” rating to a “neutral” rating and set a $14.00 price objective for the company in a research report on Tuesday. BMO Capital Markets restated an “outperform” rating and set a $18.00 target price on shares of Sigma Lithium in a research report on Wednesday, January 14th. Citigroup cut shares of Sigma Lithium from an “overweight” rating to an “underperform” rating in a research report on Thursday, January 8th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Sigma Lithium in a report on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $17.50.

Sigma Lithium Stock Up 6.6%

The firm has a market cap of $1.36 billion and a P/E ratio of -39.42. The firm’s 50 day moving average is $12.70 and its two-hundred day moving average is $8.68. The company has a current ratio of 0.49, a quick ratio of 0.32 and a debt-to-equity ratio of 1.38.

Sigma Lithium (NASDAQ:SGML) last posted its earnings results on Friday, November 14th. The company reported ($0.10) earnings per share for the quarter, hitting the consensus estimate of ($0.10). The company had revenue of $28.55 million for the quarter, compared to analyst estimates of $70.54 million. Sigma Lithium had a negative net margin of 24.13% and a negative return on equity of 35.97%. As a group, research analysts anticipate that Sigma Lithium Corporation will post -0.12 EPS for the current fiscal year.

Institutional Trading of Sigma Lithium

Several hedge funds have recently bought and sold shares of SGML. BNP Paribas Financial Markets increased its stake in Sigma Lithium by 15.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 21,897 shares of the company’s stock valued at $99,000 after buying an additional 3,005 shares during the last quarter. Farther Finance Advisors LLC bought a new position in shares of Sigma Lithium in the 4th quarter valued at about $51,000. Virtu Financial LLC increased its position in shares of Sigma Lithium by 26.6% in the third quarter. Virtu Financial LLC now owns 20,053 shares of the company’s stock valued at $129,000 after acquiring an additional 4,210 shares during the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of Sigma Lithium in the fourth quarter valued at about $57,000. Finally, Electron Capital Partners LLC raised its holdings in Sigma Lithium by 0.4% during the second quarter. Electron Capital Partners LLC now owns 1,067,947 shares of the company’s stock worth $4,806,000 after acquiring an additional 4,557 shares in the last quarter. 64.86% of the stock is currently owned by institutional investors and hedge funds.

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.