Sigma Lithium (NASDAQ:SGML) Shares Up 6.8% – Here’s What Happened

Sigma Lithium Corporation (NASDAQ:SGML)’s share price rose 6.8% during mid-day trading on Monday . The company traded as high as $11.06 and last traded at $10.07. Approximately 1,587,289 shares were traded during trading, a decline of 41% from the average daily volume of 2,701,677 shares. The stock had previously closed at $9.43.

Analysts Set New Price Targets

SGML has been the topic of several recent research reports. Wall Street Zen lowered shares of Sigma Lithium from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. Weiss Ratings restated a “sell (e+)” rating on shares of Sigma Lithium in a research report on Tuesday, December 2nd. Cormark raised Sigma Lithium to a “moderate buy” rating in a report on Thursday, August 21st. Bank of America cut Sigma Lithium from a “buy” rating to a “neutral” rating and set a $7.00 target price for the company. in a report on Friday, October 24th. Finally, Zacks Research upgraded Sigma Lithium from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 25th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $7.00.

Sigma Lithium Trading Up 9.7%

The company’s 50 day simple moving average is $7.37 and its 200 day simple moving average is $6.30. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.49 and a quick ratio of 0.32. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of -33.48 and a beta of 0.02.

Sigma Lithium (NASDAQ:SGML) last announced its quarterly earnings data 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 return on equity of 35.97% and a negative net margin of 24.13%. As a group, research analysts expect that Sigma Lithium Corporation will post -0.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Appian Way Asset Management LP increased its stake in Sigma Lithium by 5.3% during the first quarter. Appian Way Asset Management LP now owns 4,963,006 shares of the company’s stock worth $51,615,000 after acquiring an additional 250,581 shares during the last quarter. Van ECK Associates Corp grew its stake 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. Woodline Partners LP increased its position in shares of Sigma Lithium by 26.6% in the third quarter. Woodline Partners LP now owns 2,964,909 shares of the company’s stock worth $19,005,000 after acquiring an additional 623,832 shares in the last quarter. Norges Bank purchased a new position in shares of Sigma Lithium in the 2nd quarter valued at $11,250,000. Finally, 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 acquiring an additional 309,338 shares in the last quarter. Hedge funds and other institutional investors own 64.86% of the company’s stock.

About Sigma Lithium

Sigma Lithium Corporation engages in the exploration and development of lithium deposits in Brazil. It holds a 100% interest in the Grota do Cirilo, Genipapo, Santa Clara, and São José properties comprising 29 mineral rights covering an area of approximately 185 square kilometers located in the Araçuaí and Itinga regions of the state of Minas Gerais, Brazil.