Sigma Lithium Corporation (NASDAQ:SGML) Short Interest Update

Sigma Lithium Corporation (NASDAQ:SGML) was the recipient of a significant growth in short interest during the month of July. As of July 31st, there was short interest totaling 3,207,941 shares, a growth of 47.8% from the July 15th total of 2,170,606 shares. Based on an average daily volume of 1,588,765 shares, the short-interest ratio is currently 2.0 days. Approximately 5.5% of the company’s stock are sold short.

Sigma Lithium Stock Performance

SGML traded down $0.43 during midday trading on Tuesday, hitting $10.99. 1,264,516 shares of the company traded hands, compared to its average volume of 3,394,542. The company has a quick ratio of 0.25, a current ratio of 0.32 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $1.24 billion, a PE ratio of -45.74 and a beta of 0.61. The company’s 50-day moving average is $11.85 and its 200 day moving average is $13.85. Sigma Lithium has a 52 week low of $4.61 and a 52 week high of $24.48.

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 38.89%. The company had revenue of $54.70 million for the quarter, compared to analysts’ expectations of $68.34 million. On average, research analysts expect that Sigma Lithium will post 1.15 EPS for the current year.

Institutional Investors Weigh In On Sigma Lithium

Several institutional investors and hedge funds have recently added to or reduced their stakes in SGML. Goldman Sachs Group Inc. raised its stake in Sigma Lithium by 9.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 113,299 shares of the company’s stock valued at $1,178,000 after buying an additional 9,748 shares during the last quarter. Invesco Ltd. increased its position in Sigma Lithium by 22.2% in the second quarter. Invesco Ltd. now owns 899,945 shares of the company’s stock worth $4,050,000 after buying an additional 163,335 shares in the last quarter. Marshall Wace LLP bought a new position in shares of Sigma Lithium in the second quarter worth about $560,000. Jump Financial LLC bought a new stake in Sigma Lithium during the 2nd quarter worth approximately $131,000. Finally, Nebula Research & Development LLC bought a new position in shares of Sigma Lithium in the second quarter worth approximately $87,000. Hedge funds and other institutional investors own 64.86% of the company’s stock.

Wall Street Analyst Weigh In

SGML has been the subject of several analyst reports. Zacks Research downgraded Sigma Lithium from a “strong-buy” rating to a “hold” rating in a report on Monday, July 20th. Weiss Ratings cut shares of Sigma Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday. Finally, Wall Street Zen lowered shares of Sigma Lithium from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $18.50.

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.