Sigma Lithium (NASDAQ:SGML) Shares Climb 8% – What’s Next?

Sigma Lithium Corporation (NASDAQ:SGML) shot up 8% during mid-day trading on Friday. The company traded as high as $8.83 and last traded at $9.0060. Approximately 1,797,608 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 3,178,102 shares. The stock had previously closed at $8.34.

Analysts Set New Price Targets

Several brokerages have recently commented on SGML. Zacks Research downgraded shares of Sigma Lithium from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 19th. BMO Capital Markets lowered Sigma Lithium from an “outperform” rating to a “market perform” rating and set a $10.00 price target for the company. in a research note on Thursday. Weiss Ratings cut Sigma Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 13th. Wall Street Zen cut Sigma Lithium from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, JPMorgan Chase & Co. downgraded Sigma Lithium from an “overweight” rating to a “neutral” rating and set a $11.00 target price on the stock. in a research note on Friday. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Sigma Lithium has a consensus rating of “Reduce” and an average price target of $14.62.

Sigma Lithium Stock Performance

The company has a market capitalization of $1.01 billion, a P/E ratio of -37.31 and a beta of 0.68. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.25 and a current ratio of 0.34. The business’s fifty day simple moving average is $10.76 and its 200-day simple moving average is $13.38.

Sigma Lithium (NASDAQ:SGML) last issued its earnings results on Friday, August 14th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.25). The firm had revenue of $54.70 million during the quarter, compared to the consensus estimate of $68.34 million. Sigma Lithium had a negative return on equity of 37.40% and a negative net margin of 19.36%. As a group, equities analysts anticipate that Sigma Lithium Corporation will post 0.5 earnings per share for the current fiscal year.

Institutional Trading of Sigma Lithium

Several hedge funds have recently modified their holdings of the company. State of Wyoming bought a new stake in Sigma Lithium in the second quarter worth $109,000. Deutsche Bank AG bought a new position in Sigma Lithium during the second quarter valued at $116,000. Public Employees Retirement System of Ohio bought a new position in Sigma Lithium during the second quarter valued at $128,000. Wellington Management Group LLP purchased a new position in shares of Sigma Lithium in the 2nd quarter worth $286,000. Finally, Man Group plc purchased a new position in shares of Sigma Lithium in the 2nd quarter worth $295,000. 64.86% of the stock is owned by hedge funds and other institutional investors.

Sigma Lithium Company Profile

Sigma Lithium Corporation is a Canadian mining and development company focused on producing lithium concentrate for the electric vehicle and energy storage industries. Its primary asset is the Grota do Cirilo project in Minas Gerais, Brazil, which includes hard-rock lithium deposits, mining operations and a processing facility.

The company produces lithium concentrate designed for use in lithium-ion batteries. Its processing approach emphasizes the recovery of lithium-bearing material while seeking to reduce the use of hazardous chemicals and minimize environmental impacts.