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

Sigma Lithium Corporation (NASDAQ:SGML) shares gapped up before the market opened on Monday . The stock had previously closed at $10.78, but opened at $11.47. Sigma Lithium shares last traded at $10.95, with a volume of 1,913,567 shares.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Bank of America reaffirmed an “underperform” rating and issued a $13.00 target price (up previously from $11.00) on shares of Sigma Lithium in a research note on Thursday, January 8th. Canaccord Genuity Group upgraded shares of Sigma Lithium from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. BMO Capital Markets reaffirmed an “outperform” rating and set a $18.00 price target 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 research note on Tuesday, November 25th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sigma Lithium in a research report on Monday, December 29th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $17.17.

Sigma Lithium Price Performance

The stock has a market cap of $1.22 billion and a price-to-earnings ratio of -35.05. The company has a 50 day simple moving average of $12.57 and a 200-day simple moving average of $8.53. 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 posted its quarterly earnings results on Friday, November 14th. The company reported ($0.10) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.10). Sigma Lithium had a negative return on equity of 35.97% and a negative net margin of 24.13%.The business had revenue of $28.55 million for the quarter, compared to analyst estimates 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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Kingswood Wealth Advisors LLC bought a new position in Sigma Lithium during the 4th quarter valued at $313,000. GF Fund Management CO. LTD. bought a new position in Sigma Lithium during the fourth quarter valued at about $57,000. Farther Finance Advisors LLC acquired a new position in Sigma Lithium during the fourth quarter worth about $51,000. Perigon Wealth Management LLC bought a new stake in Sigma Lithium in the fourth quarter worth about $237,000. Finally, Woodline Partners LP lifted its holdings in Sigma Lithium by 26.6% in the 3rd quarter. Woodline Partners LP now owns 2,964,909 shares of the company’s stock valued at $19,005,000 after acquiring an additional 623,832 shares during the last quarter. Institutional investors own 64.86% of the company’s stock.

Sigma Lithium Company Profile

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.