Sigma Lithium (NASDAQ:SGML) Shares Down 7.2% – Here’s What Happened
by Amy Steele · The Cerbat GemSigma Lithium Corporation (NASDAQ:SGML – Get Free Report) shares traded down 7.2% during mid-day trading on Wednesday . The company traded as low as $12.47 and last traded at $12.59. 1,411,464 shares were traded during trading, a decline of 74% from the average session volume of 5,331,312 shares. The stock had previously closed at $13.57.
Wall Street Analysts Forecast Growth
Several research analysts have issued reports on SGML shares. Canaccord Genuity Group upgraded shares of Sigma Lithium from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. BMO Capital Markets reissued an “outperform” rating and set a $18.00 price objective on shares of Sigma Lithium in a report on Wednesday, January 14th. Weiss Ratings restated a “sell (e+)” rating on shares of Sigma Lithium in a report on Monday, December 29th. Citigroup cut Sigma Lithium from an “overweight” rating to an “underperform” rating in a research report on Thursday, January 8th. Finally, Bank of America reissued an “underperform” rating and issued a $13.00 price target (up from $11.00) on shares of Sigma Lithium in a research report on Thursday, January 8th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $17.17.
Read Our Latest Stock Report on SGML
Sigma Lithium Price Performance
The stock has a 50-day moving average price of $12.43 and a two-hundred day moving average price of $8.40. The company has a current ratio of 0.49, a quick ratio of 0.32 and a debt-to-equity ratio of 1.38. The stock has a market cap of $1.41 billion and a price-to-earnings ratio of -40.17.
Sigma Lithium (NASDAQ:SGML – Get Free Report) last released its quarterly earnings results on Friday, November 14th. The company reported ($0.10) EPS for the quarter, meeting analysts’ consensus estimates of ($0.10). Sigma Lithium had a negative return on equity of 35.97% and a negative net margin of 24.13%.The company had revenue of $28.55 million during the quarter, compared to analysts’ expectations of $70.54 million. As a group, equities research analysts forecast that Sigma Lithium Corporation will post -0.12 EPS for the current year.
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of SGML. Farther Finance Advisors LLC acquired a new stake in shares of Sigma Lithium during the fourth quarter worth $51,000. GF Fund Management CO. LTD. purchased a new position in Sigma Lithium in the 4th quarter worth $57,000. BTG Pactual Asset Management US LLC purchased a new position in Sigma Lithium in the 3rd quarter worth $71,000. Malaga Cove Capital LLC acquired a new stake in Sigma Lithium during the 2nd quarter worth about $52,000. Finally, Quantbot Technologies LP purchased a new stake in Sigma Lithium during the 3rd quarter valued at about $82,000. Institutional investors and hedge funds own 64.86% of the company’s stock.
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.