Sigma Lithium (NASDAQ:SGML) Stock Price Up 10.6% – Time to Buy?

Sigma Lithium Corporation (NASDAQ:SGML) rose 10.6% during mid-day trading on Thursday . The company traded as high as $21.35 and last traded at $20.1520. Approximately 2,041,707 shares traded hands during mid-day trading, a decline of 52% from the average daily volume of 4,237,905 shares. The stock had previously closed at $18.22.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. BMO Capital Markets reaffirmed an “outperform” rating and set a $18.00 price target on shares of Sigma Lithium in a report on Wednesday, January 14th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sigma Lithium in a report on Friday, March 27th. Bank of America raised shares of Sigma Lithium from a “neutral” rating to a “buy” rating and upped their price target for the stock from $14.00 to $17.00 in a report on Thursday, April 2nd. Wall Street Zen raised shares of Sigma Lithium from a “sell” rating to a “hold” rating in a report on Saturday, April 4th. Finally, Canaccord Genuity Group raised shares of Sigma Lithium from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Sigma Lithium currently has an average rating of “Hold” and an average target price of $18.50.

Sigma Lithium Stock Performance

The company has a current ratio of 0.25, a quick ratio of 0.14 and a debt-to-equity ratio of 0.26. The company’s 50-day simple moving average is $12.90 and its 200-day simple moving average is $11.00. The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of -46.65 and a beta of 0.04.

Sigma Lithium (NASDAQ:SGML) last announced its quarterly earnings results on Monday, March 30th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.10). Sigma Lithium had a negative net margin of 45.64% and a negative return on equity of 59.34%. The business had revenue of $16.90 million during the quarter, compared to analyst estimates of $52.20 million. On average, analysts expect that Sigma Lithium Corporation will post -0.12 EPS for the current year.

Hedge Funds Weigh In On Sigma Lithium

Several institutional investors and hedge funds have recently added to or reduced their stakes in 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. bought a new position in Sigma Lithium during the fourth quarter worth $57,000. Deutsche Bank AG bought a new position in Sigma Lithium during the fourth quarter worth $101,000. BTG Pactual Asset Management US LLC bought a new position in Sigma Lithium during the third quarter worth $71,000. Finally, Quantbot Technologies LP bought a new position in Sigma Lithium during the third quarter worth $82,000. 64.86% of the stock is currently owned by institutional investors and hedge funds.

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.