Sigma Lithium (NASDAQ:SGML) Stock Price Down 7.2% – What’s Next?

Sigma Lithium Corporation (NASDAQ:SGML)’s share price dropped 7.2% on Wednesday . The company traded as low as $12.47 and last traded at $12.59. Approximately 1,411,464 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 5,331,312 shares. The stock had previously closed at $13.57.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on SGML shares. Zacks Research raised shares of Sigma Lithium from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 25th. Canaccord Genuity Group raised Sigma Lithium from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Citigroup lowered Sigma Lithium from an “overweight” rating to an “underperform” rating in a research note on Thursday, January 8th. BMO Capital Markets reiterated an “outperform” rating and issued a $18.00 price target on shares of Sigma Lithium in a report on Wednesday, January 14th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sigma Lithium in a research report on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $17.17.

Sigma Lithium Trading Down 15.2%

The company’s fifty day simple moving average is $12.57 and its 200-day simple moving average is $8.50. 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 issued its quarterly earnings results on Friday, November 14th. The company reported ($0.10) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.10). Sigma Lithium had a negative net margin of 24.13% and a negative return on equity of 35.97%. The firm had revenue of $28.55 million for the quarter, compared to analyst estimates of $70.54 million. On average, research analysts anticipate that Sigma Lithium Corporation will post -0.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SGML. Kingswood Wealth Advisors LLC purchased a new stake in shares of Sigma Lithium during the fourth quarter worth $313,000. GF Fund Management CO. LTD. purchased a new stake in Sigma Lithium during the 4th quarter valued at about $57,000. Farther Finance Advisors LLC acquired a new stake in Sigma Lithium in the 4th quarter valued at about $51,000. Perigon Wealth Management LLC purchased a new position in Sigma Lithium in the 4th quarter worth approximately $237,000. Finally, Woodline Partners LP lifted 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 worth $19,005,000 after purchasing an additional 623,832 shares in the last quarter. 64.86% of the stock is owned by institutional investors and hedge funds.

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.