Sigma Lithium (NASDAQ:SGML) Trading Down 8.7% – Here’s Why

Sigma Lithium Corporation (NASDAQ:SGML)’s stock price was down 8.7% during trading on Thursday . The company traded as low as $17.36 and last traded at $17.1980. Approximately 634,537 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 4,106,122 shares. The stock had previously closed at $18.83.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SGML shares. Canaccord Genuity Group raised shares of Sigma Lithium from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. BMO Capital Markets reaffirmed an “outperform” rating and set a $18.00 target price on shares of Sigma Lithium in a research report on Wednesday, January 14th. Bank of America raised shares of Sigma Lithium from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $14.00 to $17.00 in a research report on Thursday, April 2nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sigma Lithium in a research report on Friday, March 27th. Finally, Wall Street Zen raised shares of Sigma Lithium from a “sell” rating to a “hold” rating in a research report on Saturday, April 4th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Sigma Lithium has an average rating of “Hold” and an average target price of $18.50.

Sigma Lithium Price Performance

The stock has a market cap of $1.96 billion, a P/E ratio of -39.14 and a beta of 0.64. The company has a current ratio of 0.25, a quick ratio of 0.14 and a debt-to-equity ratio of 0.26. The company’s fifty day simple moving average is $15.73 and its 200-day simple moving average is $12.86.

Sigma Lithium (NASDAQ:SGML) last announced its quarterly earnings results on Monday, March 30th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.10). The business had revenue of $16.90 million during the quarter, compared to the consensus estimate of $52.20 million. Sigma Lithium had a negative net margin of 45.64% and a negative return on equity of 59.34%. As a group, sell-side analysts forecast that Sigma Lithium Corporation will post 0.92 EPS for the current year.

Institutional Investors Weigh In On Sigma Lithium

Institutional investors and hedge funds have recently made changes to their positions in the company. Farther Finance Advisors LLC acquired a new stake in shares of Sigma Lithium in the 4th quarter valued at $51,000. GF Fund Management CO. LTD. acquired a new stake in shares of Sigma Lithium in the 4th quarter valued at $57,000. BTG Pactual Asset Management US LLC acquired a new stake in shares of Sigma Lithium in the 3rd quarter valued at $71,000. Quantbot Technologies LP acquired a new stake in shares of Sigma Lithium in the 3rd quarter valued at $82,000. Finally, Nebula Research & Development LLC acquired a new stake in shares of Sigma Lithium in the 2nd quarter valued at $87,000. 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.