Sigma Lithium (NASDAQ:SGML) Shares Gap Down – What’s Next?

Sigma Lithium Corporation (NASDAQ:SGML) shares gapped down prior to trading on Thursday . The stock had previously closed at $14.80, but opened at $14.00. Sigma Lithium shares last traded at $14.3230, with a volume of 347,170 shares trading hands.

Analyst Ratings Changes

A number of brokerages recently weighed in on SGML. Zacks Research upgraded Sigma Lithium from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 21st. Wall Street Zen downgraded Sigma Lithium from a “buy” rating to a “hold” rating in a report on Saturday, June 13th. Bank of America raised Sigma Lithium from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $14.00 to $17.00 in a research note on Thursday, April 2nd. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Sigma Lithium in a report on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, Sigma Lithium has a consensus rating of “Moderate Buy” and a consensus price target of $18.50.

Sigma Lithium Stock Performance

The stock has a market capitalization of $1.53 billion, a PE ratio of -35.00 and a beta of 0.54. The company has a current ratio of 0.32, a quick ratio of 0.25 and a debt-to-equity ratio of 0.21. The business’s 50-day moving average is $17.40 and its two-hundred day moving average is $14.30.

Sigma Lithium (NASDAQ:SGML) last released its quarterly earnings data on Friday, May 15th. The company reported $0.10 EPS for the quarter, meeting 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 for the quarter, compared to analyst estimates of $42.48 million. On average, analysts predict that Sigma Lithium Corporation will post 1.15 earnings per share for the current year.

Hedge Funds Weigh In On Sigma Lithium

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Van ECK Associates Corp raised its stake in shares of Sigma Lithium by 142.8% during the third quarter. Van ECK Associates Corp now owns 4,606,668 shares of the company’s stock valued at $29,529,000 after purchasing an additional 2,709,397 shares during the period. Handelsbanken Fonder AB acquired a new position in shares of Sigma Lithium during the third quarter worth $4,130,000. Waratah Capital Advisors Ltd. boosted its stake in shares of Sigma Lithium by 30.4% in the third quarter. Waratah Capital Advisors Ltd. now owns 296,330 shares of the company’s stock valued at $1,899,000 after purchasing an additional 69,000 shares during the period. Aberdeen Group plc boosted its stake in shares of Sigma Lithium by 136.7% in the third quarter. Aberdeen Group plc now owns 98,269 shares of the company’s stock valued at $630,000 after purchasing an additional 56,752 shares during the period. Finally, Polymer Capital Management HK LTD purchased a new position in shares of Sigma Lithium in the fourth quarter valued at $660,000. 64.86% of the stock is owned by institutional investors and hedge funds.

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.