Sigma Lithium (NASDAQ:SGML) Shares Gap Down – What’s Next?

Sigma Lithium Corporation (NASDAQ:SGML) shares gapped down prior to trading on Monday . The stock had previously closed at $14.50, but opened at $13.39. Sigma Lithium shares last traded at $13.1950, with a volume of 1,260,032 shares trading hands.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on SGML shares. Zacks Research upgraded shares of Sigma Lithium from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 25th. Bank of America cut Sigma Lithium from a “buy” rating to a “neutral” rating and set a $7.00 price target for the company. in a report on Friday, October 24th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Sigma Lithium in a report on Monday. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $7.00.

Sigma Lithium Trading Up 2.0%

The company has a quick ratio of 0.32, a current ratio of 0.49 and a debt-to-equity ratio of 1.38. The company has a fifty day moving average of $9.18 and a two-hundred day moving average of $7.12. The stock has a market capitalization of $1.50 billion, a price-to-earnings ratio of -43.51 and a beta of 0.02.

Sigma Lithium (NASDAQ:SGML) last issued its quarterly earnings results on Friday, November 14th. The company reported ($0.10) EPS for the quarter, meeting the consensus estimate 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%. On average, research analysts expect that Sigma Lithium Corporation will post -0.12 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SGML. Appian Way Asset Management LP boosted its holdings in shares of Sigma Lithium by 5.3% during the 1st quarter. Appian Way Asset Management LP now owns 4,963,006 shares of the company’s stock worth $51,615,000 after buying an additional 250,581 shares during the period. Van ECK Associates Corp lifted its holdings in Sigma Lithium by 142.8% in the third quarter. Van ECK Associates Corp now owns 4,606,668 shares of the company’s stock valued at $29,529,000 after buying an additional 2,709,397 shares during the period. Woodline Partners LP grew its stake in Sigma Lithium by 26.6% during the third quarter. Woodline Partners LP now owns 2,964,909 shares of the company’s stock worth $19,005,000 after purchasing an additional 623,832 shares during the period. Norges Bank acquired a new stake in Sigma Lithium in the second quarter worth $11,250,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Sigma Lithium by 24.9% during the second 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. Institutional investors and hedge funds own 64.86% of the company’s stock.

Sigma Lithium Company Profile

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.