Sigma Lithium (NASDAQ:SGML) Stock Price Up 7.8% – Still a Buy?

Shares of Sigma Lithium Corporation (NASDAQ:SGML) were up 7.8% during mid-day trading on Tuesday . The stock traded as high as $16.60 and last traded at $16.3880. Approximately 1,763,303 shares changed hands during mid-day trading, a decline of 36% from the average daily volume of 2,772,443 shares. The stock had previously closed at $15.20.

Wall Street Analysts Forecast Growth

SGML has been the topic of several research reports. Zacks Research upgraded Sigma Lithium from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 25th. Citigroup downgraded Sigma Lithium from an “overweight” rating to an “underperform” rating in a research note on Thursday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sigma Lithium in a research note on Monday, December 29th. Finally, Bank of America reaffirmed an “underperform” rating and set a $13.00 price objective (up previously from $11.00) on shares of Sigma Lithium in a research note on Thursday. One research analyst has rated the stock with a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Sigma Lithium presently has a consensus rating of “Strong Sell” and an average price target of $13.00.

Sigma Lithium Price Performance

The company has a current ratio of 0.49, a quick ratio of 0.32 and a debt-to-equity ratio of 1.38. The stock’s fifty day moving average price is $10.38 and its 200-day moving average price is $7.55.

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

Institutional Trading of Sigma Lithium

Institutional investors and hedge funds have recently bought and sold shares of the stock. Van ECK Associates Corp grew its position in Sigma Lithium by 142.8% in the 3rd quarter. Van ECK Associates Corp now owns 4,606,668 shares of the company’s stock valued at $29,529,000 after acquiring an additional 2,709,397 shares in the last quarter. Norges Bank acquired a new stake in shares of Sigma Lithium during the second quarter worth about $11,250,000. Woodline Partners LP boosted its stake in shares of Sigma Lithium by 65.6% in the first quarter. Woodline Partners LP now owns 2,678,444 shares of the company’s stock valued at $27,856,000 after purchasing an additional 1,060,771 shares during the period. CenterBook Partners LP grew its holdings in shares of Sigma Lithium by 416.8% in the second quarter. CenterBook Partners LP now owns 816,515 shares of the company’s stock valued at $3,674,000 after purchasing an additional 658,533 shares in the last quarter. Finally, Handelsbanken Fonder AB purchased a new stake in Sigma Lithium during the 3rd quarter worth approximately $4,130,000. 64.86% of the stock is currently owned by hedge funds and other institutional investors.

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.