Sigma Lithium (NASDAQ:SGML) Stock Price Down 6.2% – Here’s What Happened

Sigma Lithium Corporation (NASDAQ:SGML)’s stock price was down 6.2% during mid-day trading on Thursday . The stock traded as low as $10.66 and last traded at $10.8380. Approximately 1,275,248 shares traded hands during trading, a decline of 53% from the average daily volume of 2,737,716 shares. The stock had previously closed at $11.56.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Wall Street Zen cut Sigma Lithium from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sigma Lithium in a research report on Monday. Bank of America lowered 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. Cormark raised Sigma Lithium to a “moderate buy” rating in a research note on Thursday, August 21st. Finally, Zacks Research upgraded shares of Sigma Lithium from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 25th. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $7.00.

Sigma Lithium Stock Performance

The stock has a 50 day moving average of $7.82 and a 200 day moving average of $6.48. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of -35.26 and a beta of 0.02. The company has a quick ratio of 0.32, a current ratio of 0.49 and a debt-to-equity ratio of 1.38.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Malaga Cove Capital LLC bought a new stake in shares of Sigma Lithium during the 2nd quarter valued at about $52,000. BTG Pactual Asset Management US LLC acquired a new position in Sigma Lithium in the third quarter valued at approximately $71,000. Quantbot Technologies LP acquired a new position in Sigma Lithium in the third quarter valued at approximately $82,000. Hunting Hill Global Capital LLC bought a new position in shares of Sigma Lithium during the 2nd quarter worth approximately $86,000. Finally, Nebula Research & Development LLC acquired a new stake in shares of Sigma Lithium during the 2nd quarter worth approximately $87,000. 64.86% of the stock is owned by institutional investors.

About Sigma Lithium

Sigma Lithium Corporation engages in the exploration and development of lithium deposits in Brazil. It holds a 100% interest in the Grota do Cirilo, Genipapo, Santa Clara, and São José properties comprising 29 mineral rights covering an area of approximately 185 square kilometers located in the Araçuaí and Itinga regions of the state of Minas Gerais, Brazil.