Sigma Lithium (NASDAQ:SGML) Trading 10.1% Higher – Here’s Why

Sigma Lithium Corporation (NASDAQ:SGML)’s stock price shot up 10.1% during mid-day trading on Friday . The company traded as high as $17.15 and last traded at $17.4620. 1,424,164 shares traded hands during trading, a decline of 66% from the average session volume of 4,157,362 shares. The stock had previously closed at $15.86.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SGML. Wall Street Zen raised Sigma Lithium from a “hold” rating to a “buy” rating in a research note on Saturday, May 23rd. Bank of America upgraded shares of Sigma Lithium from a “neutral” rating to a “buy” rating and increased their target price for the stock from $14.00 to $17.00 in a report on Thursday, April 2nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sigma Lithium in a report on Friday, March 27th. Finally, Zacks Research upgraded shares of Sigma Lithium from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 21st. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $18.50.

Sigma Lithium Trading Up 8.3%

The company has a quick ratio of 0.25, a current ratio of 0.32 and a debt-to-equity ratio of 0.21. The stock’s fifty day moving average price is $16.47 and its two-hundred day moving average price is $13.63. The company has a market capitalization of $1.91 billion, a PE ratio of -44.06 and a beta of 0.64.

Sigma Lithium (NASDAQ:SGML) last issued its quarterly earnings data on Friday, May 15th. The company reported $0.10 EPS for the quarter, hitting the consensus estimate of $0.10. Sigma Lithium had a negative net margin of 41.84% and a negative return on equity of 57.50%. The business had revenue of $42.34 million during the quarter, compared to analyst estimates of $42.48 million. Sell-side analysts anticipate that Sigma Lithium Corporation will post 1.15 earnings per share for the current year.

Institutional Trading of Sigma Lithium

Institutional investors and hedge funds have recently bought and sold shares of the stock. Farther Finance Advisors LLC purchased a new stake in Sigma Lithium in the fourth quarter worth about $51,000. GF Fund Management CO. LTD. purchased a new stake in Sigma Lithium in the fourth quarter worth about $57,000. Deutsche Bank AG purchased a new stake in Sigma Lithium in the fourth quarter worth about $101,000. BTG Pactual Asset Management US LLC purchased a new stake in Sigma Lithium in the third quarter worth about $71,000. Finally, Quantbot Technologies LP purchased a new stake in Sigma Lithium in the third quarter worth about $82,000. 64.86% of the stock is currently 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.