Sigma Lithium (NASDAQ:SGML) Trading 9.2% Higher – What’s Next?

Sigma Lithium Corporation (NASDAQ:SGML)’s stock price was up 9.2% during mid-day trading on Tuesday . The stock traded as high as $12.75 and last traded at $13.0170. Approximately 2,554,319 shares traded hands during trading, a decline of 39% from the average daily volume of 4,221,363 shares. The stock had previously closed at $11.92.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SGML. Canaccord Genuity Group raised Sigma Lithium from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sigma Lithium in a research note on Friday, March 27th. BMO Capital Markets reissued an “outperform” rating and set a $18.00 price objective on shares of Sigma Lithium in a report on Wednesday, January 14th. Citigroup downgraded shares of Sigma Lithium from an “overweight” rating to an “underperform” rating in a research report on Thursday, January 8th. Finally, Bank of America upgraded shares of Sigma Lithium from an “underperform” rating to a “neutral” rating and set a $14.00 target price for the company in a report on Tuesday, February 3rd. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Sigma Lithium currently has an average rating of “Hold” and a consensus target price of $17.50.

Sigma Lithium Price Performance

The company has a current ratio of 0.49, a quick ratio of 0.32 and a debt-to-equity ratio of 1.38. The firm has a market capitalization of $1.32 billion, a PE ratio of -26.29, a P/E/G ratio of 0.31 and a beta of 0.04. The company has a fifty day moving average price of $12.33 and a two-hundred day moving average price of $10.36.

Sigma Lithium (NASDAQ:SGML) last released its quarterly earnings results on Monday, March 30th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.10). The firm had revenue of $16.90 million for the quarter, compared to analysts’ expectations of $52.20 million. Sigma Lithium had a negative return on equity of 53.45% and a negative net margin of 45.64%. Sell-side analysts forecast that Sigma Lithium Corporation will post -0.12 earnings per share for the current year.

Hedge Funds Weigh In On Sigma Lithium

Hedge funds have recently modified their holdings of the business. Old West Investment Management LLC raised its position in Sigma Lithium by 1,163.3% in the 3rd quarter. Old West Investment Management LLC now owns 651,892 shares of the company’s stock valued at $4,179,000 after purchasing an additional 600,291 shares during the last quarter. Van ECK Associates Corp grew its position in Sigma Lithium by 142.8% during the 3rd quarter. Van ECK Associates Corp now owns 4,606,668 shares of the company’s stock worth $29,529,000 after purchasing an additional 2,709,397 shares during the last quarter. Perpetual Ltd purchased a new position in Sigma Lithium during the 3rd quarter worth $1,185,000. Handelsbanken Fonder AB acquired a new position in Sigma Lithium in the third quarter valued at $4,130,000. Finally, Alps Advisors Inc. raised its holdings in shares of Sigma Lithium by 37.1% in the third quarter. Alps Advisors Inc. now owns 269,446 shares of the company’s stock valued at $1,727,000 after buying an additional 72,979 shares during the last quarter. 64.86% of the stock is currently owned by hedge funds and other institutional investors.

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.