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

Shares of Sigma Lithium Corporation (NASDAQ:SGML) gapped down prior to trading on Monday . The stock had previously closed at $16.82, but opened at $16.08. Sigma Lithium shares last traded at $14.8290, with a volume of 2,347,490 shares traded.

Analyst Ratings Changes

Several analysts have commented on the stock. Bank of America raised shares of Sigma Lithium from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $14.00 to $17.00 in a research note on Thursday, April 2nd. 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. Finally, Canaccord Genuity Group raised shares of Sigma Lithium from a “hold” rating to a “buy” rating in a research note on Friday, January 23rd. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $18.50.

Sigma Lithium Price Performance

The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.14 and a current ratio of 0.25. The firm has a market cap of $1.67 billion, a price-to-earnings ratio of -38.33 and a beta of 0.64. The company’s fifty day moving average is $16.01 and its two-hundred day moving average is $13.15.

Sigma Lithium (NASDAQ:SGML) last posted its earnings results on Friday, May 15th. The company reported $0.10 earnings per share for the quarter, meeting the consensus estimate of $0.10. The business had revenue of $42.34 million for the quarter, compared to analyst estimates of $42.48 million. Sigma Lithium had a negative net margin of 41.84% and a negative return on equity of 56.56%. Equities research analysts forecast that Sigma Lithium Corporation will post 0.92 EPS for the current year.

Hedge Funds Weigh In On Sigma Lithium

Several hedge funds and other institutional investors have recently made changes to their positions in SGML. Van ECK Associates Corp lifted its holdings in shares of Sigma Lithium by 142.8% during the 3rd quarter. Van ECK Associates Corp now owns 4,606,668 shares of the company’s stock valued at $29,529,000 after acquiring an additional 2,709,397 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Sigma Lithium by 101.7% during the 4th quarter. Legal & General Group Plc now owns 2,647,004 shares of the company’s stock valued at $34,911,000 after acquiring an additional 1,334,772 shares in the last quarter. Encompass Capital Advisors LLC acquired a new position in shares of Sigma Lithium during the 4th quarter valued at $16,463,000. Handelsbanken Fonder AB acquired a new position in Sigma Lithium in the 3rd quarter worth $4,130,000. 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 worth $19,005,000 after buying an additional 623,832 shares in the last quarter. Institutional investors and hedge funds 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.