Sigma Lithium (NASDAQ:SGML) Stock Price Up 31.4% – Here’s What Happened

Sigma Lithium Corporation (NASDAQ:SGML)’s share price rose 31.4% during mid-day trading on Monday . The stock traded as high as $8.52 and last traded at $7.9650. Approximately 32,434,145 shares were traded during trading, an increase of 1,334% from the average daily volume of 2,261,513 shares. The stock had previously closed at $6.06.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SGML. Zacks Research downgraded shares of Sigma Lithium from a “hold” rating to a “strong sell” rating in a report on Monday, October 27th. Bank of America lowered Sigma Lithium from a “buy” rating to a “neutral” rating and set a $7.00 price objective for the company. in a research report on Friday, October 24th. Wall Street Zen downgraded Sigma Lithium from a “hold” rating to a “sell” rating in a research report on Saturday, August 16th. Cormark upgraded Sigma Lithium to a “moderate buy” rating in a report on Thursday, August 21st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Sigma Lithium in a report on Wednesday, October 8th. One analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Sell” and a consensus target price of $7.00.

Sigma Lithium Price Performance

The company has a debt-to-equity ratio of 1.38, a current ratio of 0.49 and a quick ratio of 0.39. The firm has a market capitalization of $1.05 billion, a price-to-earnings ratio of -30.05 and a beta of 0.08. The stock has a 50 day moving average price of $6.28 and a two-hundred day moving average price of $5.99.

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

Institutional Trading of Sigma Lithium

A number of large investors have recently modified their holdings of the stock. Malaga Cove Capital LLC purchased a new position in Sigma Lithium in the second quarter valued at $52,000. BTG Pactual Asset Management US LLC acquired a new stake in Sigma Lithium in the 3rd quarter valued at about $71,000. Quantbot Technologies LP purchased a new position in shares of Sigma Lithium in the 3rd quarter valued at about $82,000. Hunting Hill Global Capital LLC purchased a new position in shares of Sigma Lithium in the 2nd quarter valued at about $86,000. Finally, Nebula Research & Development LLC purchased a new stake in shares of Sigma Lithium during the second quarter worth approximately $87,000. Hedge funds and other institutional investors own 64.86% of the company’s stock.

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.