Sigma Lithium (NASDAQ:SGML) Shares Down 9.8% – Time to Sell?

Sigma Lithium Corporation (NASDAQ:SGML)’s stock price was down 9.8% during trading on Friday . The company traded as low as $21.42 and last traded at $21.3370. Approximately 2,069,078 shares traded hands during mid-day trading, a decline of 50% from the average daily volume of 4,113,345 shares. The stock had previously closed at $23.65.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on SGML shares. BMO Capital Markets reaffirmed an “outperform” rating and issued a $18.00 price target on shares of Sigma Lithium in a report on Wednesday, January 14th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sigma Lithium in a report on Friday, March 27th. Citigroup downgraded shares of Sigma Lithium from an “overweight” rating to an “underperform” rating in a research note on Thursday, January 8th. Canaccord Genuity Group raised shares of Sigma Lithium from a “hold” rating to a “buy” rating in a research note on Friday, January 23rd. Finally, Bank of America raised shares of Sigma Lithium from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $14.00 to $17.00 in a research note on Thursday, April 2nd. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Sigma Lithium presently has an average rating of “Hold” and an average target price of $18.50.

Sigma Lithium Trading Down 9.1%

The company has a market capitalization of $2.39 billion, a PE ratio of -48.29 and a beta of 0.64. The company’s fifty day moving average is $15.32 and its 200-day moving average is $12.46. 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 issued its quarterly earnings data on Monday, March 30th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.10). The business had revenue of $16.90 million for the quarter, compared to analysts’ expectations of $52.20 million. Sigma Lithium had a negative net margin of 45.64% and a negative return on equity of 59.34%. On average, analysts anticipate that Sigma Lithium Corporation will post 0.91 EPS for the current fiscal year.

Hedge Funds Weigh In On Sigma Lithium

Several institutional investors and hedge funds have recently bought and sold shares of SGML. Goldman Sachs Group Inc. grew its holdings in Sigma Lithium by 9.4% in the first quarter. Goldman Sachs Group Inc. now owns 113,299 shares of the company’s stock worth $1,178,000 after purchasing an additional 9,748 shares during the last quarter. Invesco Ltd. grew its holdings 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 purchasing an additional 163,335 shares during the last quarter. Marshall Wace LLP purchased a new position in Sigma Lithium in the second quarter worth $560,000. Jump Financial LLC purchased a new position in Sigma Lithium in the second quarter worth $131,000. Finally, Nebula Research & Development LLC purchased a new position in Sigma Lithium in the second quarter worth $87,000. 64.86% of the stock is owned by hedge funds and other 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.