Sigma Lithium (NASDAQ:SGML) Stock Price Up 7.8% – What’s Next?

Sigma Lithium Corporation (NASDAQ:SGML) shares shot up 7.8% during trading on Tuesday . The company traded as high as $16.60 and last traded at $16.3880. 1,763,303 shares traded hands during mid-day trading, a decline of 36% from the average session volume of 2,772,443 shares. The stock had previously closed at $15.20.

Wall Street Analysts Forecast Growth

SGML has been the subject of a number of recent research reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sigma Lithium in a research note on Monday, December 29th. Bank of America lowered shares of Sigma Lithium from a “buy” rating to a “neutral” rating and set a $7.00 price target for the company. in a research report on Friday, October 24th. Finally, Zacks Research upgraded shares of Sigma Lithium from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 25th. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Sigma Lithium has an average rating of “Reduce” and an average price target of $7.00.

Sigma Lithium Stock Performance

The business’s fifty day moving average is $9.83 and its two-hundred day moving average is $7.37. The stock has a market capitalization of $1.83 billion and a PE ratio of -53.11. The company has a quick ratio of 0.32, a current ratio of 0.49 and a debt-to-equity ratio of 1.38.

Sigma Lithium (NASDAQ:SGML) last announced its earnings results on Friday, November 14th. The company reported ($0.10) EPS for the quarter, hitting analysts’ consensus estimates of ($0.10). Sigma Lithium had a negative return on equity of 35.97% and a negative net margin of 24.13%.The firm had revenue of $28.55 million during the quarter, compared to analysts’ expectations of $70.54 million. As a group, research analysts anticipate that Sigma Lithium Corporation will post -0.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Sigma Lithium

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Van ECK Associates Corp grew its stake in Sigma Lithium by 142.8% in the 3rd quarter. Van ECK Associates Corp now owns 4,606,668 shares of the company’s stock worth $29,529,000 after acquiring an additional 2,709,397 shares in the last quarter. Woodline Partners LP increased its holdings in Sigma Lithium by 26.6% during the 3rd quarter. Woodline Partners LP now owns 2,964,909 shares of the company’s stock worth $19,005,000 after purchasing an additional 623,832 shares during the period. Norges Bank bought a new stake in Sigma Lithium during the 2nd quarter valued at $11,250,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings 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 worth $7,091,000 after buying an additional 309,338 shares during the period. Finally, Legal & General Group Plc grew its position in shares of Sigma Lithium by 0.5% during the 3rd quarter. Legal & General Group Plc now owns 1,312,232 shares of the company’s stock worth $8,416,000 after buying an additional 7,157 shares in the last quarter. Institutional investors 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.