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

Shares of Sigma Lithium Corporation (NASDAQ:SGML) gapped up before the market opened on Friday . The stock had previously closed at $9.70, but opened at $10.23. Sigma Lithium shares last traded at $10.8190, with a volume of 1,792,846 shares trading hands.

Wall Street Analyst Weigh In

SGML has been the subject of a number of analyst reports. Bank of America upgraded Sigma Lithium from an “underperform” rating to a “neutral” rating and set a $14.00 target price for the company in a report on Tuesday, February 3rd. BMO Capital Markets reiterated an “outperform” rating and issued a $18.00 target price on shares of Sigma Lithium in a research note on Wednesday, January 14th. Canaccord Genuity Group upgraded shares of Sigma Lithium from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Citigroup cut shares of Sigma Lithium from an “overweight” rating to an “underperform” rating in a report on Thursday, January 8th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Sigma Lithium in a research note on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $17.50.

Sigma Lithium Stock Up 9.7%

The business has a 50-day moving average price of $12.41 and a 200-day moving average price of $10.16. The stock has a market cap of $1.19 billion, a PE ratio of -34.42, a price-to-earnings-growth ratio of 0.27 and a beta of -0.06. The company has a current ratio of 0.49, a quick ratio of 0.32 and a debt-to-equity ratio of 1.38.

Institutional Trading of Sigma Lithium

Several institutional investors have recently modified their holdings of the stock. Farther Finance Advisors LLC purchased a new stake in shares of Sigma Lithium during the fourth quarter worth about $51,000. GF Fund Management CO. LTD. purchased a new position in Sigma Lithium in the 4th quarter valued at about $57,000. BTG Pactual Asset Management US LLC acquired a new stake in Sigma Lithium in the 3rd quarter worth about $71,000. Quantbot Technologies LP purchased a new stake in Sigma Lithium during the 3rd quarter worth approximately $82,000. Finally, Hunting Hill Global Capital LLC purchased a new stake in Sigma Lithium during the 2nd quarter worth approximately $86,000. 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.