Sigma Lithium (NASDAQ:SGML) Shares Gap Down – What’s Next?

Sigma Lithium Corporation (NASDAQ:SGML)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $16.37, but opened at $15.03. Sigma Lithium shares last traded at $15.5290, with a volume of 883,388 shares trading hands.

Wall Street Analyst Weigh In

SGML has been the topic of several recent analyst reports. BMO Capital Markets reiterated an “outperform” rating and issued a $18.00 target price on shares of Sigma Lithium in a research note on Wednesday, January 14th. Zacks Research raised shares of Sigma Lithium from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 25th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sigma Lithium in a research report on Monday, December 29th. Canaccord Genuity Group raised Sigma Lithium from a “hold” rating to a “buy” rating in a research note on Friday, January 23rd. Finally, Citigroup lowered Sigma Lithium from an “overweight” rating to an “underperform” rating in a research note on Thursday, January 8th. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $17.50.

Sigma Lithium Price Performance

The business’s fifty day moving average price is $13.33 and its 200-day moving average price is $9.36. The company has a market capitalization of $1.65 billion and a P/E ratio of -47.73. The company has a current ratio of 0.49, a quick ratio of 0.32 and a debt-to-equity ratio of 1.38.

Hedge Funds Weigh In On Sigma Lithium

Several institutional investors have recently modified their holdings of SGML. Van ECK Associates Corp raised its holdings in shares of Sigma Lithium by 142.8% during the 3rd quarter. Van ECK Associates Corp now owns 4,606,668 shares of the company’s stock valued at $29,529,000 after buying an additional 2,709,397 shares in the last quarter. Woodline Partners LP raised its stake in shares of Sigma Lithium by 26.6% during the third quarter. Woodline Partners LP now owns 2,964,909 shares of the company’s stock worth $19,005,000 after acquiring an additional 623,832 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Sigma Lithium by 101.7% in the 4th quarter. Legal & General Group Plc now owns 2,647,004 shares of the company’s stock worth $34,911,000 after acquiring an additional 1,334,772 shares during the last quarter. Norges Bank bought a new stake in shares of Sigma Lithium in the 2nd quarter worth approximately $11,250,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Sigma Lithium by 24.9% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,550,713 shares of the company’s stock valued at $7,091,000 after purchasing an additional 309,338 shares in the last quarter. 64.86% of the stock is currently owned by institutional investors.

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.