Encompass Capital Advisors LLC Takes Position in Sigma Lithium Corporation $SGML

Encompass Capital Advisors LLC acquired a new stake in shares of Sigma Lithium Corporation (NASDAQ:SGML) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 1,248,175 shares of the company’s stock, valued at approximately $16,463,000.

A number of other hedge funds have also made changes to their positions in the stock. BNP Paribas Financial Markets increased its holdings in shares of Sigma Lithium by 15.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 21,897 shares of the company’s stock valued at $99,000 after acquiring an additional 3,005 shares during the last quarter. Farther Finance Advisors LLC acquired a new position in shares of Sigma Lithium during the 4th quarter valued at about $51,000. Virtu Financial LLC increased its holdings in shares of Sigma Lithium by 26.6% during the 3rd quarter. Virtu Financial LLC now owns 20,053 shares of the company’s stock valued at $129,000 after acquiring an additional 4,210 shares during the last quarter. GF Fund Management CO. LTD. acquired a new position in shares of Sigma Lithium during the 4th quarter valued at about $57,000. Finally, Millennium Management LLC increased its holdings in shares of Sigma Lithium by 6.4% during the 3rd quarter. Millennium Management LLC now owns 81,543 shares of the company’s stock valued at $520,000 after acquiring an additional 4,909 shares during the last quarter. Institutional investors and hedge funds own 64.86% of the company’s stock.

Sigma Lithium Price Performance

Shares of NASDAQ:SGML opened at $14.80 on Thursday. The business has a 50 day moving average price of $17.43 and a 200 day moving average price of $14.29. Sigma Lithium Corporation has a twelve month low of $4.25 and a twelve month high of $24.48. The company has a market cap of $1.66 billion, a price-to-earnings ratio of -37.95 and a beta of 0.54. 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 announced its earnings results on Friday, May 15th. The company reported $0.10 earnings per share for the quarter, meeting the consensus estimate of $0.10. Sigma Lithium had a negative return on equity of 57.50% and a negative net margin of 41.84%.The firm had revenue of $42.34 million during the quarter, compared to the consensus estimate of $42.48 million. Research analysts predict that Sigma Lithium Corporation will post 1.15 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SGML. Zacks Research upgraded Sigma Lithium from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 21st. Wall Street Zen downgraded Sigma Lithium from a “buy” rating to a “hold” rating in a research note on Saturday, June 13th. 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 note on Thursday, April 2nd. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Sigma Lithium in a research note on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.50.

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.