Sigma Lithium (NASDAQ:SGML) Trading Up 8.6% – Should You Buy?

Sigma Lithium Corporation (NASDAQ:SGML) traded up 8.6% on Thursday . The stock traded as high as $11.50 and last traded at $11.6010. 2,375,677 shares were traded during mid-day trading, a decline of 14% from the average session volume of 2,765,880 shares. The stock had previously closed at $10.68.

Analysts Set New Price Targets

SGML has been the topic of several recent analyst reports. Zacks Research upgraded shares of Sigma Lithium from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 25th. Weiss Ratings reissued a “sell (e+)” rating on shares of Sigma Lithium in a research report on Monday. Cormark raised shares of Sigma Lithium to a “moderate buy” rating in a report on Thursday, August 21st. Finally, Bank of America lowered shares of Sigma Lithium from a “buy” rating to a “neutral” rating and set a $7.00 price objective on the stock. in a report on Friday, October 24th. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Sigma Lithium presently has a consensus rating of “Reduce” and an average target price of $7.00.

Sigma Lithium Stock Up 8.7%

The company has a market cap of $1.29 billion, a PE ratio of -37.45 and a beta of 0.02. The business has a 50-day simple moving average of $8.00 and a 200-day simple moving average of $6.60. The company has a quick ratio of 0.32, a current ratio of 0.49 and a debt-to-equity ratio of 1.38.

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

Institutional Investors Weigh In On Sigma Lithium

Several large investors have recently bought and sold shares of the company. Van ECK Associates Corp lifted its position in shares of Sigma Lithium by 142.8% in the third quarter. Van ECK Associates Corp now owns 4,606,668 shares of the company’s stock valued at $29,529,000 after acquiring an additional 2,709,397 shares in the last quarter. Norges Bank purchased a new stake in shares of Sigma Lithium during the second quarter worth $11,250,000. Woodline Partners LP raised its position in shares of Sigma Lithium by 65.6% in the first quarter. Woodline Partners LP now owns 2,678,444 shares of the company’s stock valued at $27,856,000 after buying an additional 1,060,771 shares during the last quarter. CenterBook Partners LP lifted its stake in shares of Sigma Lithium by 416.8% in the second quarter. CenterBook Partners LP now owns 816,515 shares of the company’s stock worth $3,674,000 after buying an additional 658,533 shares in the last quarter. Finally, Handelsbanken Fonder AB acquired a new position in Sigma Lithium during the third quarter worth about $4,130,000. 64.86% of the stock is currently owned by hedge funds and other institutional investors.

Sigma Lithium Company Profile

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.