Sigma Lithium (NASDAQ:SGML) Shares Gap Up – Here’s What Happened

Sigma Lithium Corporation (NASDAQ:SGML)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $13.23, but opened at $13.71. Sigma Lithium shares last traded at $13.7750, with a volume of 1,505,751 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Zacks Research upgraded shares of Sigma Lithium from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 25th. Bank of America cut Sigma Lithium from a “buy” rating to a “neutral” rating and set a $7.00 price target on the stock. in a research note on Friday, October 24th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Sigma Lithium in a research note on Monday, December 22nd. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Sigma Lithium presently has an average rating of “Reduce” and a consensus price target of $7.00.

Sigma Lithium Stock Performance

The company has a fifty day moving average of $9.04 and a two-hundred day moving average of $7.06. The stock has a market capitalization of $1.54 billion, a P/E ratio of -44.48 and a beta of 0.01. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.49 and a quick ratio of 0.32.

Sigma Lithium (NASDAQ:SGML) last issued its earnings results on Friday, November 14th. The company reported ($0.10) EPS for the quarter, hitting the consensus estimate of ($0.10). Sigma Lithium had a negative return on equity of 35.97% and a negative net margin of 24.13%.The company had revenue of $28.55 million during the quarter, compared to analyst estimates of $70.54 million. On average, equities analysts anticipate that Sigma Lithium Corporation will post -0.12 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SGML. Malaga Cove Capital LLC bought a new stake in Sigma Lithium in the second quarter valued at $52,000. BTG Pactual Asset Management US LLC bought a new position in Sigma Lithium in the 3rd quarter worth about $71,000. Quantbot Technologies LP acquired a new stake in shares of Sigma Lithium in the third quarter valued at approximately $82,000. Hunting Hill Global Capital LLC bought a new stake in shares of Sigma Lithium during the second quarter valued at approximately $86,000. Finally, Nebula Research & Development LLC acquired a new position in shares of Sigma Lithium during the second quarter worth approximately $87,000. 64.86% of the stock is currently owned by institutional investors.

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.