Sigma Lithium (NASDAQ:SGML) Shares Gap Down – Here’s What Happened

Sigma Lithium Corporation (NASDAQ:SGML) gapped down before the market opened on Wednesday . The stock had previously closed at $15.55, but opened at $14.95. Sigma Lithium shares last traded at $15.4890, with a volume of 676,834 shares.

Analyst Ratings Changes

Several brokerages have recently weighed in on SGML. Weiss Ratings reissued a “sell (e+)” rating on shares of Sigma Lithium in a research report on Monday, December 29th. Bank of America reiterated an “underperform” rating and issued a $13.00 price target (up from $11.00) on shares of Sigma Lithium in a research note on Thursday, January 8th. BMO Capital Markets restated an “outperform” rating and set a $18.00 price objective on shares of Sigma Lithium in a research report on Wednesday. Zacks Research upgraded shares of Sigma Lithium from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 25th. Finally, Citigroup lowered shares of Sigma Lithium from an “overweight” rating to an “underperform” rating in a research note on Thursday, January 8th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Sigma Lithium has an average rating of “Reduce” and a consensus price target of $15.50.

Sigma Lithium Stock Performance

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 $1.80 billion and a price-to-earnings ratio of -52.01. The stock’s 50 day moving average is $10.94 and its two-hundred day moving average is $7.81.

Sigma Lithium (NASDAQ:SGML) last announced its 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 net margin of 24.13% and a negative return on equity of 35.97%. The business had revenue of $28.55 million during the quarter, compared to analysts’ expectations of $70.54 million. Analysts anticipate that Sigma Lithium Corporation will post -0.12 earnings per share for the current fiscal year.

Institutional Trading of Sigma Lithium

Hedge funds have recently added to or reduced their stakes in the stock. Waratah Capital Advisors Ltd. boosted its holdings in shares of Sigma Lithium by 93.0% in the second quarter. Waratah Capital Advisors Ltd. now owns 227,330 shares of the company’s stock valued at $1,023,000 after acquiring an additional 109,530 shares in the last quarter. CenterBook Partners LP lifted its position in Sigma Lithium by 416.8% in the second quarter. CenterBook Partners LP now owns 816,515 shares of the company’s stock valued at $3,674,000 after purchasing an additional 658,533 shares during the period. Aberdeen Group plc purchased a new stake in Sigma Lithium in the 2nd quarter valued at approximately $187,000. Monaco Asset Management SAM purchased a new stake in Sigma Lithium in the 2nd quarter valued at approximately $225,000. Finally, Credit Industriel ET Commercial increased its position in Sigma Lithium by 177.8% during the 2nd quarter. Credit Industriel ET Commercial now owns 250,000 shares of the company’s stock worth $1,125,000 after purchasing an additional 160,000 shares during the period. 64.86% of the stock is owned by institutional investors and hedge funds.

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.