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

Sigma Lithium Corporation (NASDAQ:SGML)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $11.59, but opened at $12.61. Sigma Lithium shares last traded at $12.74, with a volume of 950,058 shares traded.

Analyst Ratings Changes

Several brokerages recently issued reports on SGML. BMO Capital Markets reaffirmed an “outperform” rating and set a $18.00 price objective on shares of Sigma Lithium in a report on Wednesday, January 14th. Citigroup cut Sigma Lithium from an “overweight” rating to an “underperform” rating in a research report on Thursday, January 8th. Canaccord Genuity Group upgraded shares of Sigma Lithium from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Weiss Ratings reissued a “sell (e+)” rating on shares of Sigma Lithium in a research note on Monday, December 29th. Finally, Zacks Research upgraded shares of Sigma Lithium from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 25th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $17.50.

Sigma Lithium Stock Performance

The company has a market capitalization of $1.45 billion and a PE ratio of -42.05. The stock’s fifty day simple moving average is $12.73 and its 200-day simple moving average is $8.77. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.32 and a current ratio of 0.49.

Sigma Lithium (NASDAQ:SGML) last issued its quarterly earnings results on Friday, November 14th. The company reported ($0.10) EPS for the quarter, hitting analysts’ consensus estimates of ($0.10). The business had revenue of $28.55 million during the quarter, compared to the consensus estimate 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, equities analysts predict that Sigma Lithium Corporation will post -0.12 earnings per share for the current year.

Institutional Investors Weigh In On Sigma Lithium

Hedge funds have recently made changes to their positions in the business. BNP Paribas Financial Markets grew its position in shares of Sigma Lithium by 15.9% in the second quarter. BNP Paribas Financial Markets now owns 21,897 shares of the company’s stock valued at $99,000 after purchasing an additional 3,005 shares during the period. Farther Finance Advisors LLC acquired a new stake in Sigma Lithium in the 4th quarter worth about $51,000. Virtu Financial LLC grew its holdings in Sigma Lithium by 26.6% in the 3rd 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. GF Fund Management CO. LTD. acquired a new position in shares of Sigma Lithium during the 4th quarter valued at about $57,000. Finally, Electron Capital Partners LLC increased its stake in shares of Sigma Lithium by 0.4% during the 2nd quarter. Electron Capital Partners LLC now owns 1,067,947 shares of the company’s stock valued at $4,806,000 after acquiring an additional 4,557 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.