Sigma Lithium (NASDAQ:SGML) Shares Down 7.3% – Here’s Why

Sigma Lithium Corporation (NASDAQ:SGML) traded down 7.3% on Wednesday . The company traded as low as $13.10 and last traded at $13.12. 517,911 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 4,035,267 shares. The stock had previously closed at $14.15.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SGML. Weiss Ratings reissued a “sell (e+)” rating on shares of Sigma Lithium in a research note on Friday, March 27th. Wall Street Zen raised Sigma Lithium from a “hold” rating to a “buy” rating in a research note on Saturday, May 23rd. Bank of America raised Sigma Lithium from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $14.00 to $17.00 in a research note on Thursday, April 2nd. Finally, Zacks Research raised Sigma Lithium from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 21st. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $18.50.

Sigma Lithium Trading Up 13.4%

The company has a 50-day moving average price of $17.32 and a 200-day moving average price of $14.15. The firm has a market capitalization of $1.65 billion, a price-to-earnings ratio of -37.77 and a beta of 0.54. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.25 and a current ratio of 0.32.

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

Institutional Trading of Sigma Lithium

Several institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets lifted its holdings in shares of Sigma Lithium by 15.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 21,897 shares of the company’s stock valued at $99,000 after purchasing an additional 3,005 shares during the last quarter. Banque Cantonale Vaudoise lifted its holdings in shares of Sigma Lithium by 6.8% in the 1st quarter. Banque Cantonale Vaudoise now owns 55,143 shares of the company’s stock valued at $679,000 after purchasing an additional 3,489 shares during the last quarter. Farther Finance Advisors LLC purchased a new stake in shares of Sigma Lithium in the 4th quarter valued at about $51,000. Virtu Financial LLC lifted its holdings in shares of Sigma Lithium by 26.6% in the 3rd quarter. Virtu Financial LLC now owns 20,053 shares of the company’s stock valued at $129,000 after purchasing an additional 4,210 shares during the last quarter. Finally, GF Fund Management CO. LTD. purchased a new stake in shares of Sigma Lithium in the 4th quarter valued at about $57,000. 64.86% of the stock is owned by hedge funds and other institutional investors.

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.