Sigma Lithium (NASDAQ:SGML) Shares Gap Up – Time to Buy?

Sigma Lithium Corporation (NASDAQ:SGML) shares gapped up before the market opened on Monday . The stock had previously closed at $13.51, but opened at $14.41. Sigma Lithium shares last traded at $14.1630, with a volume of 1,228,605 shares.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on SGML shares. Zacks Research raised Sigma Lithium from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 25th. Bank of America reaffirmed an “underperform” rating and set a $13.00 price objective (up from $11.00) on shares of Sigma Lithium in a report on Thursday. Citigroup downgraded shares of Sigma Lithium from an “overweight” rating to an “underperform” rating in a report on Thursday. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Sigma Lithium in a report on Monday, December 29th. One investment analyst has rated the stock with a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Sigma Lithium presently has an average rating of “Strong Sell” and an average target price of $13.00.

Sigma Lithium Stock Up 15.3%

The company has a market capitalization of $1.74 billion and a PE ratio of -50.26. The stock’s fifty day moving average is $10.52 and its two-hundred day moving average is $7.66. The company has a current ratio of 0.49, a quick ratio of 0.32 and a debt-to-equity ratio of 1.38.

Sigma Lithium (NASDAQ:SGML) last announced its quarterly earnings data on Friday, November 14th. The company reported ($0.10) EPS for the quarter, hitting the consensus estimate of ($0.10). Sigma Lithium had a negative net margin of 24.13% and a negative return on equity of 35.97%. The business had revenue of $28.55 million for the quarter, compared to analyst estimates of $70.54 million. As a group, analysts predict that Sigma Lithium Corporation will post -0.12 EPS for the current year.

Institutional Trading of Sigma Lithium

Large investors have recently bought and sold shares of the company. Van ECK Associates Corp lifted its position in shares of Sigma Lithium by 142.8% during the 3rd 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 last quarter. Woodline Partners LP raised its stake in Sigma Lithium by 26.6% in the 3rd quarter. Woodline Partners LP now owns 2,964,909 shares of the company’s stock valued at $19,005,000 after acquiring an additional 623,832 shares during the period. Norges Bank purchased a new stake in Sigma Lithium during the second quarter valued at about $11,250,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in 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 purchasing an additional 309,338 shares during the last quarter. Finally, Legal & General Group Plc increased its stake in shares of Sigma Lithium by 0.5% in the third quarter. Legal & General Group Plc now owns 1,312,232 shares of the company’s stock worth $8,416,000 after purchasing an additional 7,157 shares in the last quarter. 64.86% of the stock is owned by hedge funds and other institutional investors.

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.