Sigma Lithium (NASDAQ:SGML) Trading 8.2% Higher – Still a Buy?

Sigma Lithium Corporation (NASDAQ:SGML) shares rose 8.2% during trading on Thursday . The company traded as high as $13.98 and last traded at $14.0550. Approximately 752,520 shares changed hands during trading, a decline of 81% from the average daily volume of 4,027,013 shares. The stock had previously closed at $12.99.

Analyst Ratings Changes

SGML has been the topic of a number of analyst reports. Wall Street Zen raised Sigma Lithium from a “hold” rating to a “buy” rating in a research note on Saturday, May 23rd. Bank of America raised Sigma Lithium from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $14.00 to $17.00 in a research note on Thursday, April 2nd. Zacks Research raised Sigma Lithium from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 21st. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Sigma Lithium in a research note on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat, Sigma Lithium presently has an average rating of “Moderate Buy” and a consensus target price of $18.50.

Sigma Lithium Stock Performance

The company has a market cap of $1.63 billion, a P/E ratio of -37.53 and a beta of 0.54. The firm has a 50 day moving average of $17.27 and a 200-day moving average of $14.11. The company has a quick ratio of 0.25, a current ratio of 0.32 and a debt-to-equity ratio of 0.21.

Sigma Lithium (NASDAQ:SGML) last announced its quarterly earnings data on Friday, May 15th. The company reported $0.10 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.10. Sigma Lithium had a negative return on equity of 57.50% and a negative net margin of 41.84%.The company had revenue of $42.34 million for the quarter, compared to analysts’ expectations of $42.48 million. As a group, sell-side analysts anticipate that Sigma Lithium Corporation will post 1.15 EPS for the current fiscal year.

Institutional Trading of Sigma Lithium

Hedge funds have recently bought and sold shares of the stock. Van ECK Associates Corp lifted its holdings in Sigma Lithium by 142.8% during the third quarter. Van ECK Associates Corp now owns 4,606,668 shares of the company’s stock worth $29,529,000 after buying an additional 2,709,397 shares during the period. Handelsbanken Fonder AB purchased a new stake in Sigma Lithium during the third quarter worth $4,130,000. Alps Advisors Inc. lifted its holdings in Sigma Lithium by 37.1% during the third quarter. Alps Advisors Inc. now owns 269,446 shares of the company’s stock worth $1,727,000 after buying an additional 72,979 shares during the period. Waratah Capital Advisors Ltd. lifted its holdings in Sigma Lithium by 30.4% during the third quarter. Waratah Capital Advisors Ltd. now owns 296,330 shares of the company’s stock worth $1,899,000 after buying an additional 69,000 shares during the period. Finally, Aberdeen Group plc lifted its holdings in Sigma Lithium by 136.7% during the third quarter. Aberdeen Group plc now owns 98,269 shares of the company’s stock worth $630,000 after buying an additional 56,752 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.