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

Sigma Lithium Corporation (NASDAQ:SGML) gapped up prior to trading on Tuesday . The stock had previously closed at $13.25, but opened at $14.42. Sigma Lithium shares last traded at $14.0130, with a volume of 569,831 shares traded.

Analysts Set New Price Targets

A number of analysts recently commented on SGML shares. Zacks Research upgraded shares of Sigma Lithium from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 21st. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sigma Lithium in a report on Friday, March 27th. Wall Street Zen raised shares of Sigma Lithium from a “hold” rating to a “buy” rating in a research report on Saturday, May 23rd. Finally, Bank of America raised shares of Sigma Lithium from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $14.00 to $17.00 in a research report on Thursday, April 2nd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $18.50.

Sigma Lithium Stock Down 8.2%

The company has a market cap of $1.45 billion, a price-to-earnings ratio of -33.31 and a beta of 0.54. The company has a current ratio of 0.32, a quick ratio of 0.25 and a debt-to-equity ratio of 0.21. The business has a fifty day moving average price of $17.27 and a two-hundred day moving average price of $14.11.

Sigma Lithium (NASDAQ:SGML) last issued its earnings results on Friday, May 15th. The company reported $0.10 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.10. The company had revenue of $42.34 million for the quarter, compared to the consensus estimate of $42.48 million. Sigma Lithium had a negative return on equity of 57.50% and a negative net margin of 41.84%. On average, equities analysts predict that Sigma Lithium Corporation will post 1.15 earnings per share for the current year.

Hedge Funds Weigh In On Sigma Lithium

A number of large investors have recently made changes to their positions in the business. Van ECK Associates Corp lifted its holdings in shares of Sigma Lithium by 142.8% during the 3rd quarter. Van ECK Associates Corp now owns 4,606,668 shares of the company’s stock valued at $29,529,000 after buying an additional 2,709,397 shares during the last quarter. Woodline Partners LP lifted its holdings 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 valued at $19,005,000 after buying an additional 623,832 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of Sigma Lithium by 101.7% during the 4th quarter. Legal & General Group Plc now owns 2,647,004 shares of the company’s stock valued at $34,911,000 after buying an additional 1,334,772 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of 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 valued at $7,091,000 after buying an additional 309,338 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Sigma Lithium by 42.3% during the 3rd quarter. Invesco Ltd. now owns 1,280,443 shares of the company’s stock valued at $8,208,000 after buying an additional 380,498 shares during the last quarter. Institutional investors and hedge funds own 64.86% of the company’s stock.

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.