Sigma Lithium (NASDAQ:SGML) Trading 8.6% Higher – Should You Buy?

Shares of Sigma Lithium Corporation (NASDAQ:SGML) traded up 8.6% during trading on Thursday . The company traded as high as $11.50 and last traded at $11.6010. 2,375,677 shares traded hands during trading, a decline of 14% from the average session volume of 2,765,880 shares. The stock had previously closed at $10.68.

Analysts Set New Price Targets

SGML has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sigma Lithium in a report on Monday. Bank of America cut Sigma Lithium from a “buy” rating to a “neutral” rating and set a $7.00 target price for the company. in a research note on Friday, October 24th. Finally, Zacks Research upgraded shares of Sigma Lithium from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 25th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Sigma Lithium presently has an average rating of “Reduce” and an average target price of $7.00.

Sigma Lithium Stock Up 5.0%

The firm has a market capitalization of $1.36 billion, a PE ratio of -39.32 and a beta of 0.02. The business’s fifty day moving average price is $8.20 and its 200 day moving average price is $6.69. The company has a quick ratio of 0.32, a current ratio of 0.49 and a debt-to-equity ratio of 1.38.

Sigma Lithium (NASDAQ:SGML) last issued its quarterly earnings results on Friday, November 14th. The company reported ($0.10) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.10). Sigma Lithium had a negative return on equity of 35.97% and a negative net margin of 24.13%.The firm had revenue of $28.55 million for the quarter, compared to analysts’ expectations of $70.54 million. On average, equities research analysts forecast that Sigma Lithium Corporation will post -0.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Van ECK Associates Corp lifted its position in Sigma Lithium by 142.8% in the third quarter. Van ECK Associates Corp now owns 4,606,668 shares of the company’s stock valued at $29,529,000 after purchasing an additional 2,709,397 shares during the period. Norges Bank purchased a new position in shares of Sigma Lithium during the 2nd quarter worth approximately $11,250,000. Woodline Partners LP lifted its holdings in shares of Sigma Lithium by 65.6% in the 1st quarter. Woodline Partners LP now owns 2,678,444 shares of the company’s stock valued at $27,856,000 after buying an additional 1,060,771 shares during the period. CenterBook Partners LP lifted its holdings in shares of Sigma Lithium by 416.8% in the 2nd quarter. CenterBook Partners LP now owns 816,515 shares of the company’s stock valued at $3,674,000 after buying an additional 658,533 shares during the period. Finally, Handelsbanken Fonder AB purchased a new stake in shares of Sigma Lithium in the third quarter valued at approximately $4,130,000. 64.86% of the stock is currently 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.