Sigma Lithium (NASDAQ:SGML) Sets New 52-Week High – Here’s What Happened

Sigma Lithium Corporation (NASDAQ:SGML)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $21.65 and last traded at $21.68, with a volume of 2676516 shares trading hands. The stock had previously closed at $19.72.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on SGML shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sigma Lithium in a research note on Friday, March 27th. Wall Street Zen raised shares of Sigma Lithium from a “sell” rating to a “hold” rating in a research note on Saturday, April 4th. Canaccord Genuity Group raised shares of Sigma Lithium from a “hold” rating to a “buy” rating in a research note on Friday, January 23rd. Citigroup downgraded shares of Sigma Lithium from an “overweight” rating to an “underperform” rating in a research note on Thursday, January 8th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $18.00 price objective on shares of Sigma Lithium in a research note on Wednesday, January 14th. 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 company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $18.50.

Sigma Lithium Trading Up 0.7%

The company has a market capitalization of $2.39 billion, a P/E ratio of -47.51 and a beta of 0.04. The stock’s 50 day moving average is $13.62 and its 200-day moving average is $11.43. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.25 and a quick ratio of 0.14.

Sigma Lithium (NASDAQ:SGML) last released its quarterly earnings results on Monday, March 30th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.10). Sigma Lithium had a negative return on equity of 59.34% and a negative net margin of 45.64%.The company had revenue of $16.90 million during the quarter, compared to the consensus estimate of $52.20 million. As a group, equities research analysts anticipate that Sigma Lithium Corporation will post 0.91 earnings per share for the current year.

Hedge Funds Weigh In On Sigma Lithium

Institutional investors have recently bought and sold shares of the stock. Farther Finance Advisors LLC bought a new position in Sigma Lithium in the fourth quarter worth about $51,000. GF Fund Management CO. LTD. bought a new position in Sigma Lithium in the fourth quarter worth about $57,000. Deutsche Bank AG bought a new position in shares of Sigma Lithium during the fourth quarter valued at approximately $101,000. BTG Pactual Asset Management US LLC bought a new position in shares of Sigma Lithium during the third quarter valued at approximately $71,000. Finally, Quantbot Technologies LP bought a new position in shares of Sigma Lithium during the third quarter valued at approximately $82,000. 64.86% of the stock is 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.