Sigma Lithium (NASDAQ:SGML) Trading 10.1% Higher – Here’s Why

Shares of Sigma Lithium Corporation (NASDAQ:SGML) traded up 10.1% during mid-day trading on Friday . The company traded as high as $17.15 and last traded at $17.4620. 1,424,164 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 4,157,362 shares. The stock had previously closed at $15.86.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Wall Street Zen upgraded Sigma Lithium from a “hold” rating to a “buy” rating in a research report on Saturday, May 23rd. Bank of America upgraded Sigma Lithium from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $14.00 to $17.00 in a research report on Thursday, April 2nd. Zacks Research upgraded Sigma Lithium from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 21st. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Sigma Lithium in a research note on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Sigma Lithium has an average rating of “Moderate Buy” and a consensus target price of $18.50.

Sigma Lithium Trading Up 8.3%

The firm has a market cap of $1.91 billion, a P/E ratio of -44.06 and a beta of 0.64. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.32 and a quick ratio of 0.25. The stock has a 50 day moving average of $16.47 and a 200 day moving average of $13.63.

Sigma Lithium (NASDAQ:SGML) last released its earnings results on Friday, May 15th. The company reported $0.10 EPS for the quarter, meeting analysts’ consensus estimates of $0.10. The business had revenue of $42.34 million for 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, equities research analysts predict that Sigma Lithium Corporation will post 1.15 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Van ECK Associates Corp grew its stake in shares of Sigma Lithium by 142.8% during the third quarter. Van ECK Associates Corp now owns 4,606,668 shares of the company’s stock valued at $29,529,000 after buying an additional 2,709,397 shares during the last quarter. Woodline Partners LP grew its stake in shares of Sigma Lithium by 26.6% during the third quarter. Woodline Partners LP now owns 2,964,909 shares of the company’s stock valued at $19,005,000 after buying an additional 623,832 shares during the last quarter. Legal & General Group Plc grew its stake in shares of Sigma Lithium by 101.7% during the fourth quarter. Legal & General Group Plc now owns 2,647,004 shares of the company’s stock valued at $34,911,000 after buying an additional 1,334,772 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Sigma Lithium by 24.9% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,550,713 shares of the company’s stock valued at $7,091,000 after buying an additional 309,338 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of Sigma Lithium by 42.3% during the third quarter. Invesco Ltd. now owns 1,280,443 shares of the company’s stock valued at $8,208,000 after buying an additional 380,498 shares during the last quarter. 64.86% of the stock is owned by 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.