Sigma Lithium (NASDAQ:SGML) Stock Price Up 8.5% – Still a Buy?

Shares of Sigma Lithium Corporation (NASDAQ:SGML) traded up 8.5% during mid-day trading on Tuesday . The company traded as high as $12.96 and last traded at $13.3170. 1,383,259 shares changed hands during trading, a decline of 75% from the average session volume of 5,557,320 shares. The stock had previously closed at $12.27.

Analyst Upgrades and Downgrades

SGML has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sigma Lithium in a report on Monday, December 29th. Bank of America reissued an “underperform” rating and set a $13.00 price objective (up previously from $11.00) on shares of Sigma Lithium in a report on Thursday, January 8th. Citigroup lowered Sigma Lithium from an “overweight” rating to an “underperform” rating in a report on Thursday, January 8th. Zacks Research upgraded Sigma Lithium from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 25th. Finally, Canaccord Genuity Group lowered shares of Sigma Lithium from a “buy” rating to a “hold” rating and raised their price objective for the company from $14.00 to $20.50 in a research report on Friday, January 16th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Sigma Lithium currently has an average rating of “Reduce” and an average target price of $17.17.

Sigma Lithium Price Performance

The firm has a market capitalization of $1.40 billion and a P/E ratio of -40.45. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.32 and a current ratio of 0.49. The business has a 50 day simple moving average of $12.04 and a two-hundred day simple moving average of $8.19.

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 analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $70.54 million. On average, sell-side analysts expect that Sigma Lithium Corporation will post -0.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Sigma Lithium

A number of hedge funds and other institutional investors have recently bought and sold shares of SGML. Malaga Cove Capital LLC purchased a new stake in shares of Sigma Lithium during the 2nd quarter valued at $52,000. BTG Pactual Asset Management US LLC bought a new position in Sigma Lithium in the third quarter valued at $71,000. Quantbot Technologies LP purchased a new stake in Sigma Lithium during the third quarter valued at about $82,000. Hunting Hill Global Capital LLC bought a new stake in Sigma Lithium during the second quarter worth about $86,000. Finally, Nebula Research & Development LLC bought a new stake in Sigma Lithium during the second quarter worth about $87,000. 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.