Sigma Lithium (NASDAQ:SGML) Trading Down 8.7% – Here’s What Happened

Sigma Lithium Corporation (NASDAQ:SGML) dropped 8.7% during trading on Thursday . The company traded as low as $17.36 and last traded at $17.1980. Approximately 634,537 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 4,106,122 shares. The stock had previously closed at $18.83.

Analysts Set New Price Targets

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 report on Friday, March 27th. Bank of America upgraded shares of 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. Wall Street Zen upgraded shares of Sigma Lithium from a “sell” rating to a “hold” rating in a research report on Saturday, April 4th. Finally, Canaccord Genuity Group upgraded shares of Sigma Lithium from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $18.50.

Sigma Lithium Price Performance

The company has a debt-to-equity ratio of 0.26, a current ratio of 0.25 and a quick ratio of 0.14. The stock’s fifty day moving average is $15.91 and its 200-day moving average is $12.97. The stock has a market cap of $1.87 billion, a PE ratio of -37.38 and a beta of 0.64.

Sigma Lithium (NASDAQ:SGML) last announced its quarterly earnings data on Friday, May 15th. The company reported $0.10 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.10. Sigma Lithium had a negative net margin of 45.64% and a negative return on equity of 59.34%. As a group, equities analysts anticipate that Sigma Lithium Corporation will post 0.92 EPS for the current year.

Institutional Investors Weigh In On Sigma Lithium

Hedge funds have recently modified their holdings of the company. Old West Investment Management LLC grew its holdings in shares of Sigma Lithium by 1,163.3% in the third quarter. Old West Investment Management LLC now owns 651,892 shares of the company’s stock valued at $4,179,000 after purchasing an additional 600,291 shares during the period. Van ECK Associates Corp boosted its stake in Sigma Lithium by 142.8% during the third quarter. Van ECK Associates Corp now owns 4,606,668 shares of the company’s stock worth $29,529,000 after buying an additional 2,709,397 shares during the period. Handelsbanken Fonder AB purchased a new position in Sigma Lithium during the third quarter worth about $4,130,000. Alps Advisors Inc. boosted its stake in Sigma Lithium by 37.1% during the third quarter. Alps Advisors Inc. now owns 269,446 shares of the company’s stock worth $1,727,000 after buying an additional 72,979 shares during the period. Finally, Waratah Capital Advisors Ltd. boosted its stake in Sigma Lithium by 30.4% during the third quarter. Waratah Capital Advisors Ltd. now owns 296,330 shares of the company’s stock worth $1,899,000 after buying an additional 69,000 shares during the period. Hedge funds and other 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.