Sigma Lithium (NASDAQ:SGML) Shares Gap Down – Time to Sell?

by · The Markets Daily

Sigma Lithium Corporation (NASDAQ:SGML – Get Free Report)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $9.85, but opened at $9.54. Sigma Lithium shares last traded at $10.1610, with a volume of 1,888,766 shares.

Analyst Upgrades and Downgrades

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

Get Our Latest Report on SGML

Sigma Lithium Price Performance

The business’s fifty day moving average price is $6.71 and its 200 day moving average price is $6.08. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.49 and a quick ratio of 0.32. The stock has a market cap of $1.19 billion, a P/E ratio of -34.56 and a beta of 0.08.

Sigma Lithium (NASDAQ:SGML – Get Free Report) last announced its quarterly earnings results on Friday, November 14th. The company reported ($0.10) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.10). The company had revenue of $28.55 million for the quarter, compared to analyst estimates of $70.54 million. Sigma Lithium had a negative net margin of 24.13% and a negative return on equity of 35.97%. Sell-side analysts forecast that Sigma Lithium Corporation will post -0.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Sigma Lithium

Several hedge funds have recently modified their holdings of SGML. Van ECK Associates Corp boosted 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 in the last quarter. Norges Bank bought a new position in Sigma Lithium in the 2nd quarter valued at approximately $11,250,000. Woodline Partners LP boosted its position in Sigma Lithium by 65.6% during the 1st quarter. Woodline Partners LP now owns 2,678,444 shares of the company’s stock worth $27,856,000 after buying an additional 1,060,771 shares during the period. CenterBook Partners LP grew its holdings in Sigma Lithium by 416.8% during the 2nd quarter. CenterBook Partners LP now owns 816,515 shares of the company’s stock worth $3,674,000 after acquiring an additional 658,533 shares during the last quarter. Finally, Handelsbanken Fonder AB acquired a new position in Sigma Lithium in the 3rd quarter valued at approximately $4,130,000. Institutional investors and hedge funds own 64.86% of the company’s stock.

Sigma Lithium Company Profile

(Get Free Report)

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.

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