Sigma Lithium (NASDAQ:SGML) Shares Up 10.1% – Here’s What Happened

Shares of Sigma Lithium Corporation (NASDAQ:SGML) shot up 10.1% during mid-day trading on Friday . The stock traded as high as $17.15 and last traded at $17.4620. 1,424,164 shares were traded during mid-day 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

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

Sigma Lithium Trading Up 5.7%

The company has a 50 day simple moving average of $16.59 and a 200 day simple moving average of $13.65. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.25 and a current ratio of 0.32. The company has a market capitalization of $1.87 billion, a PE ratio of -43.00 and a beta of 0.64.

Sigma Lithium (NASDAQ:SGML) last posted 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 return on equity of 57.50% and a negative net margin of 41.84%.The company had revenue of $42.34 million during the quarter, compared to analyst estimates of $42.48 million. Analysts anticipate that Sigma Lithium Corporation will post 1.15 earnings per share for the current year.

Institutional Investors Weigh In On Sigma Lithium

Large investors have recently bought and sold shares of the company. Farther Finance Advisors LLC purchased a new stake in Sigma Lithium during the 4th quarter worth approximately $51,000. GF Fund Management CO. LTD. acquired a new position in shares of Sigma Lithium during the 4th quarter worth approximately $57,000. Deutsche Bank AG acquired a new position in shares of Sigma Lithium during the 4th quarter worth approximately $101,000. BTG Pactual Asset Management US LLC acquired a new position in shares of Sigma Lithium during the 3rd quarter worth approximately $71,000. Finally, Quantbot Technologies LP acquired a new position in shares of Sigma Lithium during the 3rd quarter worth approximately $82,000. 64.86% of the stock is currently owned by hedge funds and other 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.