Sigma Lithium (NASDAQ:SGML) Shares Gap Up – Here’s What Happened

Sigma Lithium Corporation (NASDAQ:SGML) shares gapped up before the market opened on Tuesday . The stock had previously closed at $8.91, but opened at $9.20. Sigma Lithium shares last traded at $9.04, with a volume of 188,711 shares changing hands.

Analyst Ratings Changes

SGML has been the subject of a number of recent analyst reports. Wall Street Zen downgraded shares of Sigma Lithium from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Zacks Research downgraded Sigma Lithium from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 19th. Finally, Weiss Ratings lowered Sigma Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 13th. Three equities research analysts have rated the stock with a Buy rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $18.50.

Sigma Lithium Trading Down 1.0%

The company has a quick ratio of 0.25, a current ratio of 0.34 and a debt-to-equity ratio of 1.25. The firm has a market cap of $1.01 billion, a P/E ratio of -37.50 and a beta of 0.64. The firm’s 50-day simple moving average is $11.04 and its 200 day simple moving average is $13.62.

Sigma Lithium (NASDAQ:SGML) last issued its quarterly earnings results on Friday, August 14th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.25). The company had revenue of $54.70 million for the quarter, compared to analysts’ expectations of $68.34 million. Sigma Lithium had a negative return on equity of 37.40% and a negative net margin of 19.36%. As a group, analysts expect that Sigma Lithium Corporation will post 0.45 earnings per share for the current year.

Institutional Trading of Sigma Lithium

Large investors have recently bought and sold shares of the company. State of Wyoming purchased a new position in shares of Sigma Lithium during the 2nd quarter valued at $109,000. Deutsche Bank AG purchased a new stake in Sigma Lithium in the 2nd quarter worth about $116,000. Public Employees Retirement System of Ohio purchased a new stake in Sigma Lithium in the 2nd quarter worth about $128,000. Wellington Management Group LLP bought a new stake in Sigma Lithium in the 2nd quarter valued at about $286,000. Finally, Man Group plc bought a new stake in Sigma Lithium in the 2nd quarter valued at about $295,000. 64.86% of the stock is owned by hedge funds and other institutional investors.

Sigma Lithium Company Profile

Sigma Lithium Corporation is a Canadian mining and technology company focused on the exploration, development, and production of lithium products for the electric vehicle and energy storage industries. Its principal operations are located in Brazil, where the company is developing and operating the Grota do Cirilo lithium project in the state of Minas Gerais.

Grota do Cirilo produces battery-grade lithium spodumene concentrate, a key raw material used to manufacture lithium-ion batteries.