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

Sigma Lithium Corporation (NASDAQ:SGML)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $13.25, but opened at $14.42. Sigma Lithium shares last traded at $14.0130, with a volume of 569,831 shares trading hands.

Analyst Ratings Changes

Several equities analysts have commented on the company. Bank of America upgraded Sigma Lithium from a “neutral” rating to a “buy” rating and increased their target price for the company from $14.00 to $17.00 in a research report on Thursday, April 2nd. Zacks Research upgraded Sigma Lithium from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 21st. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sigma Lithium in a research report on Friday, March 27th. Finally, Wall Street Zen upgraded Sigma Lithium from a “hold” rating to a “buy” rating in a research report on Saturday, May 23rd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $18.50.

Sigma Lithium Trading Up 3.4%

The company has a market cap of $1.53 billion, a price-to-earnings ratio of -35.07 and a beta of 0.54. The firm has a 50 day moving average price of $17.17 and a two-hundred day moving average price of $14.06. The company has a quick ratio of 0.25, a current ratio of 0.32 and a debt-to-equity ratio of 0.21.

Sigma Lithium (NASDAQ:SGML) last issued its quarterly earnings results on Friday, May 15th. The company reported $0.10 earnings per share for the quarter, meeting the consensus estimate of $0.10. The company had revenue of $42.34 million during the quarter, compared to analysts’ expectations of $42.48 million. Sigma Lithium had a negative return on equity of 57.50% and a negative net margin of 41.84%. As a group, equities analysts forecast that Sigma Lithium Corporation will post 1.15 earnings per share for the current year.

Institutional Investors Weigh In On Sigma Lithium

Several institutional investors and hedge funds have recently made changes to their positions in SGML. BNP Paribas Financial Markets grew its stake in Sigma Lithium by 15.9% during the second quarter. BNP Paribas Financial Markets now owns 21,897 shares of the company’s stock worth $99,000 after purchasing an additional 3,005 shares during the period. Banque Cantonale Vaudoise grew its stake in Sigma Lithium by 6.8% during the first quarter. Banque Cantonale Vaudoise now owns 55,143 shares of the company’s stock worth $679,000 after purchasing an additional 3,489 shares during the period. Farther Finance Advisors LLC acquired a new stake in Sigma Lithium during the fourth quarter worth approximately $51,000. Virtu Financial LLC grew its stake in Sigma Lithium by 26.6% during the third quarter. Virtu Financial LLC now owns 20,053 shares of the company’s stock worth $129,000 after purchasing an additional 4,210 shares during the period. Finally, GF Fund Management CO. LTD. acquired a new stake in Sigma Lithium during the fourth quarter worth approximately $57,000. Institutional investors and hedge funds own 64.86% of the company’s stock.

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.