Sigma Lithium (NASDAQ:SGML) Sees Strong Trading Volume – Time to Buy?

Shares of Sigma Lithium Corporation (NASDAQ:SGML) saw strong trading volume on Friday . 5,975,607 shares were traded during mid-day trading, an increase of 14% from the previous session’s volume of 5,229,750 shares.The stock last traded at $12.6990 and had previously closed at $14.25.

Analysts Set New Price Targets

SGML has been the subject of several analyst reports. Bank of America restated an “underperform” rating and issued a $13.00 target price (up previously from $11.00) on shares of Sigma Lithium in a report on Thursday, January 8th. Zacks Research upgraded Sigma Lithium from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 25th. Canaccord Genuity Group cut Sigma Lithium from a “buy” rating to a “hold” rating in a report on Friday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sigma Lithium in a research report on Monday, December 29th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $18.00 target price on shares of Sigma Lithium in a research report on Wednesday. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus price target of $15.50.

Sigma Lithium Stock Down 15.5%

The stock has a market cap of $1.34 billion and a PE ratio of -38.79. The business has a fifty day moving average of $11.35 and a 200-day moving average of $7.92. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.49 and a quick ratio of 0.32.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets lifted its position in shares of Sigma Lithium by 15.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 21,897 shares of the company’s stock worth $99,000 after purchasing an additional 3,005 shares during the period. Virtu Financial LLC increased its holdings in Sigma Lithium by 26.6% during the third quarter. Virtu Financial LLC now owns 20,053 shares of the company’s stock valued at $129,000 after buying an additional 4,210 shares during the period. Electron Capital Partners LLC raised its stake in Sigma Lithium by 0.4% in the second quarter. Electron Capital Partners LLC now owns 1,067,947 shares of the company’s stock worth $4,806,000 after buying an additional 4,557 shares in the last quarter. Millennium Management LLC lifted its holdings in Sigma Lithium by 6.4% during the third quarter. Millennium Management LLC now owns 81,543 shares of the company’s stock worth $520,000 after buying an additional 4,909 shares during the period. Finally, Legal & General Group Plc lifted its holdings in Sigma Lithium by 0.5% during the third quarter. Legal & General Group Plc now owns 1,312,232 shares of the company’s stock worth $8,416,000 after buying an additional 7,157 shares during the period. Hedge funds and other institutional investors 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.