Sigma Lithium (NASDAQ:SGML) Shares Up 8.2% – Here’s Why

Sigma Lithium Corporation (NASDAQ:SGML) shares shot up 8.2% on Thursday . The stock traded as high as $13.98 and last traded at $14.0550. 752,520 shares changed hands during trading, a decline of 81% from the average session volume of 4,027,013 shares. The stock had previously closed at $12.99.

Wall Street Analysts Forecast Growth

Several analysts have commented on SGML shares. Wall Street Zen cut shares of Sigma Lithium from a “buy” rating to a “hold” rating in a research note on Saturday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sigma Lithium in a report on Friday, March 27th. Zacks Research upgraded Sigma Lithium from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 21st. Finally, Bank of America upgraded Sigma Lithium from a “neutral” rating to a “buy” rating and raised their price target for the company from $14.00 to $17.00 in a report on Thursday, April 2nd. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, Sigma Lithium has an average rating of “Moderate Buy” and a consensus price target of $18.50.

Sigma Lithium Stock Up 8.5%

The firm has a market cap of $1.79 billion, a P/E ratio of -40.97 and a beta of 0.54. The company’s 50-day simple moving average is $17.40 and its 200 day simple moving average is $14.16. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.32 and a quick ratio of 0.25.

Sigma Lithium (NASDAQ:SGML) last announced its earnings results on Friday, May 15th. The company reported $0.10 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.10. The firm had revenue of $42.34 million for the quarter, compared to analysts’ expectations of $42.48 million. Sigma Lithium had a negative net margin of 41.84% and a negative return on equity of 57.50%. Research analysts anticipate that Sigma Lithium Corporation will post 1.15 EPS for the current fiscal year.

Institutional Trading of Sigma Lithium

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets boosted its stake in Sigma Lithium by 15.9% during the second quarter. BNP Paribas Financial Markets now owns 21,897 shares of the company’s stock worth $99,000 after buying an additional 3,005 shares during the period. Banque Cantonale Vaudoise raised its stake in shares of Sigma Lithium by 6.8% in the first quarter. Banque Cantonale Vaudoise now owns 55,143 shares of the company’s stock valued at $679,000 after acquiring an additional 3,489 shares during the period. Farther Finance Advisors LLC bought a new stake in shares of Sigma Lithium in the 4th quarter worth about $51,000. Virtu Financial LLC lifted its holdings in shares of Sigma Lithium by 26.6% in the 3rd quarter. Virtu Financial LLC now owns 20,053 shares of the company’s stock worth $129,000 after acquiring an additional 4,210 shares during the last quarter. Finally, GF Fund Management CO. LTD. purchased a new position in shares of Sigma Lithium during the 4th quarter worth about $57,000. 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.