Sigma Lithium (NASDAQ:SGML) Hits New 52-Week High – Should You Buy?

Shares of Sigma Lithium Corporation (NASDAQ:SGML) hit a new 52-week high on Wednesday . The stock traded as high as $16.88 and last traded at $15.6450, with a volume of 7231037 shares changing hands. The stock had previously closed at $12.60.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Bank of America raised shares of Sigma Lithium from an “underperform” rating to a “neutral” rating and set a $14.00 target price for the company in a report on Tuesday, February 3rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sigma Lithium in a report on Monday, December 29th. BMO Capital Markets reiterated an “outperform” rating and issued a $18.00 price objective on shares of Sigma Lithium in a research report on Wednesday, January 14th. Canaccord Genuity Group upgraded Sigma Lithium from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Finally, Zacks Research raised Sigma Lithium from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 25th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Sigma Lithium has a consensus rating of “Hold” and a consensus price target of $17.50.

Sigma Lithium Trading Down 3.4%

The company has a 50 day moving average of $13.42 and a 200 day moving average of $9.41. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.32 and a current ratio of 0.49. The stock has a market capitalization of $1.74 billion and a price-to-earnings ratio of -50.65.

Hedge Funds Weigh In On Sigma Lithium

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Farther Finance Advisors LLC acquired a new stake in Sigma Lithium in the 4th quarter valued at about $51,000. Malaga Cove Capital LLC purchased a new stake in shares of Sigma Lithium in the second quarter valued at approximately $52,000. GF Fund Management CO. LTD. acquired a new stake in shares of Sigma Lithium in the fourth quarter valued at approximately $57,000. BTG Pactual Asset Management US LLC acquired a new stake in shares of Sigma Lithium in the third quarter valued at approximately $71,000. Finally, Quantbot Technologies LP purchased a new position in Sigma Lithium during the third quarter worth approximately $82,000. 64.86% of the stock is currently owned by institutional investors and hedge funds.

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.