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

Sigma Lithium Corporation (NASDAQ:SGML) shares gapped up prior to trading on Tuesday . The stock had previously closed at $11.89, but opened at $12.44. Sigma Lithium shares last traded at $12.7280, with a volume of 268,583 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SGML. Zacks Research upgraded Sigma Lithium from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 21st. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sigma Lithium in a report on Wednesday, June 24th. Bank of America raised Sigma Lithium from a “neutral” rating to a “buy” rating and lifted their target price for the company from $14.00 to $17.00 in a research report on Thursday, April 2nd. Finally, Wall Street Zen upgraded Sigma Lithium from a “hold” rating to a “buy” rating in a research note on Sunday, June 21st. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.50.

Sigma Lithium Stock Down 1.9%

The company has a current ratio of 0.32, a quick ratio of 0.25 and a debt-to-equity ratio of 0.21. The firm’s 50 day simple moving average is $16.50 and its 200-day simple moving average is $14.41. The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of -31.82 and a beta of 0.59.

Sigma Lithium (NASDAQ:SGML) last posted its quarterly earnings data on Friday, May 15th. The company reported $0.10 EPS for the quarter, hitting analysts’ consensus estimates of $0.10. The company had revenue of $42.34 million during the quarter, compared to the consensus estimate of $42.48 million. Sigma Lithium had a negative net margin of 41.84% and a negative return on equity of 57.50%. Equities analysts expect that Sigma Lithium Corporation will post 1.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Farther Finance Advisors LLC acquired a new position in shares of Sigma Lithium during the 4th quarter worth approximately $51,000. GF Fund Management CO. LTD. acquired a new stake in shares of Sigma Lithium in the 4th quarter valued at approximately $57,000. BTG Pactual Asset Management US LLC bought a new position in shares of Sigma Lithium in the third quarter valued at $71,000. Quantbot Technologies LP bought a new stake in Sigma Lithium during the third quarter worth $82,000. Finally, Nebula Research & Development LLC acquired a new stake in Sigma Lithium in the second quarter valued at $87,000. 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.