Sigma Lithium (NASDAQ:SGML) Trading Down 12.4% – Here’s What Happened

Sigma Lithium Corporation (NASDAQ:SGML)’s stock price was down 12.4% during mid-day trading on Tuesday . The company traded as low as $10.20 and last traded at $10.8550. Approximately 1,357,760 shares were traded during trading, a decline of 58% from the average session volume of 3,233,171 shares. The stock had previously closed at $12.39.

Analysts Set New Price Targets

Several equities analysts have commented on SGML shares. Weiss Ratings cut shares of Sigma Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, August 13th. Wall Street Zen lowered Sigma Lithium from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Zacks Research downgraded Sigma Lithium from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 19th. Three analysts have rated the stock with a Buy rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $18.50.

Sigma Lithium Trading Down 12.3%

The company has a current ratio of 0.34, a quick ratio of 0.25 and a debt-to-equity ratio of 1.25. The firm has a market cap of $1.22 billion, a PE ratio of -45.33 and a beta of 0.64. The business has a fifty day moving average price of $11.39 and a 200 day moving average price of $13.83.

Sigma Lithium (NASDAQ:SGML) last announced its quarterly 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 net margin of 19.36% and a negative return on equity of 37.40%. The business had revenue of $54.70 million during the quarter, compared to analyst estimates of $68.34 million. Analysts forecast that Sigma Lithium Corporation will post 0.45 EPS for the current year.

Hedge Funds Weigh In On Sigma Lithium

Hedge funds have recently made changes to their positions in the company. Handelsbanken Fonder AB boosted its position in shares of Sigma Lithium by 23.2% in the 2nd quarter. Handelsbanken Fonder AB now owns 1,498,133 shares of the company’s stock valued at $18,951,000 after purchasing an additional 282,595 shares during the period. GSA Capital Partners LLP acquired a new stake in shares of Sigma Lithium in the second quarter valued at approximately $2,512,000. Bank of America Corp DE boosted its holdings in shares of Sigma Lithium by 138.4% in the first quarter. Bank of America Corp DE now owns 288,418 shares of the company’s stock valued at $3,559,000 after acquiring an additional 167,443 shares during the period. BlackRock Inc. purchased a new position in shares of Sigma Lithium during the second quarter worth approximately $29,727,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Sigma Lithium in the 2nd quarter valued at $2,989,000. 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.