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

Shares of Sigma Lithium Corporation (NASDAQ:SGML) gapped up prior to trading on Wednesday. The stock had previously closed at $9.71, but opened at $10.32. Sigma Lithium shares last traded at $9.9330, with a volume of 667,620 shares traded.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Weiss Ratings lowered Sigma Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, August 13th. JPMorgan Chase & Co. downgraded shares of Sigma Lithium from an “overweight” rating to a “neutral” rating and set a $11.00 price target on the stock. in a report on Friday, October 2nd. ATB Cormark Capital Markets lowered shares of Sigma Lithium from a “moderate buy” rating to a “hold” rating and reduced their price target for the company from $19.50 to $13.00 in a research report on Friday, October 2nd. BMO Capital Markets downgraded shares of Sigma Lithium from an “outperform” rating to a “market perform” rating and set a $10.00 price objective for the company. in a report on Thursday, October 1st. Finally, Zacks Research lowered shares of Sigma Lithium from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 19th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Sigma Lithium currently has an average rating of “Reduce” and an average price target of $14.30.

Sigma Lithium Trading Down 3.0%

The firm has a 50 day moving average of $10.75 and a 200 day moving average of $13.35. The firm has a market cap of $1.08 billion, a PE ratio of -39.83 and a beta of 0.67. The company has a quick ratio of 0.25, a current ratio of 0.34 and a debt-to-equity ratio of 1.25.

Sigma Lithium (NASDAQ:SGML) last released its earnings results on Friday, August 14th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.25). Sigma Lithium had a negative return on equity of 37.40% and a negative net margin of 19.36%.The firm had revenue of $54.70 million during the quarter, compared to analysts’ expectations of $68.34 million. Equities analysts anticipate that Sigma Lithium Corporation will post 0.27 earnings per share for the current year.

Institutional Investors Weigh In On Sigma Lithium

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State of Wyoming purchased a new stake in Sigma Lithium during the second quarter valued at about $109,000. Deutsche Bank AG purchased a new position in shares of Sigma Lithium in the second quarter worth about $116,000. Public Employees Retirement System of Ohio purchased a new position in shares of Sigma Lithium in the second quarter worth about $128,000. Wellington Management Group LLP bought a new stake in shares of Sigma Lithium in the second quarter valued at approximately $286,000. Finally, Caitong International Asset Management Co. Ltd bought a new stake in shares of Sigma Lithium in the fourth quarter valued at approximately $298,000. 64.86% of the stock is currently owned by institutional investors.

Sigma Lithium Company Profile

Sigma Lithium Corporation is a Canadian mining and development company focused on producing lithium concentrate for the electric vehicle and energy storage industries. Its primary asset is the Grota do Cirilo project in Minas Gerais, Brazil, which includes hard-rock lithium deposits, mining operations and a processing facility.

The company produces lithium concentrate designed for use in lithium-ion batteries. Its processing approach emphasizes the recovery of lithium-bearing material while seeking to reduce the use of hazardous chemicals and minimize environmental impacts.