Sigma Lithium Corporation (NASDAQ:SGML) Short Interest Down 42.1% in April

Sigma Lithium Corporation (NASDAQ:SGML) was the recipient of a significant decline in short interest in April. As of April 30th, there was short interest totaling 3,298,340 shares, a decline of 42.1% from the April 15th total of 5,694,977 shares. Based on an average daily volume of 3,787,559 shares, the short-interest ratio is currently 0.9 days. Approximately 5.8% of the company’s stock are short sold.

Institutional Trading of Sigma Lithium

Institutional investors and hedge funds have recently modified their holdings of the company. Farther Finance Advisors LLC acquired a new stake in shares of Sigma Lithium in the fourth quarter worth $51,000. GF Fund Management CO. LTD. acquired a new position in Sigma Lithium during the 4th quarter valued at $57,000. Deutsche Bank AG acquired a new position in Sigma Lithium during the 4th quarter valued at $101,000. BTG Pactual Asset Management US LLC acquired a new position in Sigma Lithium during the 3rd quarter valued at $71,000. Finally, Quantbot Technologies LP acquired a new position in Sigma Lithium during the 3rd quarter valued at $82,000. 64.86% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Sigma Lithium Stock Performance

Shares of Sigma Lithium stock traded down $1.04 on Friday, reaching $16.82. The stock had a trading volume of 9,246,523 shares, compared to its average volume of 3,361,228. The business’s 50-day moving average price is $15.91 and its two-hundred day moving average price is $12.97. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.14 and a current ratio of 0.25. Sigma Lithium has a fifty-two week low of $4.25 and a fifty-two week high of $24.48. The stock has a market cap of $1.87 billion, a P/E ratio of -43.13 and a beta of 0.64.

Sigma Lithium (NASDAQ:SGML) last issued its quarterly earnings data on Friday, May 15th. The company reported $0.10 earnings per share for the quarter, hitting analysts’ consensus estimates of $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 $42.34 million during the quarter, compared to analysts’ expectations of $39.91 million. On average, sell-side analysts forecast that Sigma Lithium will post 0.92 EPS for the current year.

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.