Sigma Lithium (NASDAQ:SGML) Shares Gap Up – Time to Buy?

Shares of Sigma Lithium Corporation (NASDAQ:SGML) gapped up before the market opened on Monday . The stock had previously closed at $13.51, but opened at $14.41. Sigma Lithium shares last traded at $14.1630, with a volume of 1,228,605 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SGML. Zacks Research raised shares of Sigma Lithium from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 25th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sigma Lithium in a research note on Monday, December 29th. Bank of America restated an “underperform” rating and issued a $13.00 target price (up previously from $11.00) on shares of Sigma Lithium in a research note on Thursday. Finally, Citigroup cut Sigma Lithium from an “overweight” rating to an “underperform” rating in a research report on Thursday. One analyst has rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Strong Sell” and a consensus target price of $13.00.

Sigma Lithium Stock Up 15.3%

The company has a 50 day moving average of $10.52 and a 200-day moving average of $7.66. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.49 and a quick ratio of 0.32. The company has a market cap of $1.74 billion and a P/E ratio of -50.26.

Sigma Lithium (NASDAQ:SGML) last released its quarterly earnings results on Friday, November 14th. The company reported ($0.10) earnings per share for the quarter, meeting the consensus estimate 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, equities analysts predict that Sigma Lithium Corporation will post -0.12 earnings per share for the current year.

Hedge Funds Weigh In On Sigma Lithium

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BTG Pactual Asset Management US LLC purchased a new stake in shares of Sigma Lithium during the 3rd quarter valued at $71,000. Malaga Cove Capital LLC bought a new position in Sigma Lithium in the second quarter valued at $52,000. Quantbot Technologies LP purchased a new stake in Sigma Lithium during the third quarter valued at about $82,000. ProShare Advisors LLC bought a new stake in Sigma Lithium during the third quarter worth about $90,000. Finally, Banque Cantonale Vaudoise boosted its holdings in shares of Sigma Lithium by 7,339.9% in the 3rd quarter. Banque Cantonale Vaudoise now owns 15,103 shares of the company’s stock worth $97,000 after purchasing an additional 14,900 shares in the last quarter. Hedge funds and other institutional investors own 64.86% of the company’s stock.

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.