Sigma Lithium (NASDAQ:SGML) Stock Price Down 7.4% – What’s Next?

Sigma Lithium Corporation (NASDAQ:SGML) traded down 7.4% on Wednesday . The company traded as low as $12.61 and last traded at $12.47. 2,453,808 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 5,671,054 shares. The stock had previously closed at $13.47.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. BMO Capital Markets reissued an “outperform” rating and issued a $18.00 price target on shares of Sigma Lithium in a research report on Wednesday, January 14th. Canaccord Genuity Group cut Sigma Lithium from a “buy” rating to a “hold” rating and lifted their price objective for the company from $14.00 to $20.50 in a research note on Friday, January 16th. Weiss Ratings restated a “sell (e+)” rating on shares of Sigma Lithium in a research note on Monday, December 29th. Bank of America reiterated an “underperform” rating and issued a $13.00 price target (up previously from $11.00) on shares of Sigma Lithium in a research note on Thursday, January 8th. Finally, Zacks Research raised shares of Sigma Lithium from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 25th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $17.17.

Sigma Lithium Stock Down 6.8%

The company has a market cap of $1.40 billion and a PE ratio of -40.48. The firm has a 50-day simple moving average of $11.77 and a two-hundred day simple moving average of $8.13. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.49 and a quick ratio of 0.32.

Sigma Lithium (NASDAQ:SGML) last posted its quarterly earnings data 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 business had revenue of $28.55 million for the quarter, compared to analyst estimates of $70.54 million. Research 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 bought and sold shares of the company. Malaga Cove Capital LLC purchased a new stake in Sigma Lithium in the 2nd quarter worth approximately $52,000. BTG Pactual Asset Management US LLC acquired a new stake in shares of Sigma Lithium during the third quarter worth $71,000. Quantbot Technologies LP purchased a new stake in shares of Sigma Lithium in the third quarter valued at $82,000. Hunting Hill Global Capital LLC acquired a new position in Sigma Lithium in the second quarter valued at $86,000. Finally, Nebula Research & Development LLC purchased a new position in Sigma Lithium during the second quarter worth about $87,000. Institutional investors and hedge funds own 64.86% of the company’s stock.

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.