Sigma Lithium (NASDAQ:SGML) Shares Gap Down – Here’s Why

Sigma Lithium Corporation (NASDAQ:SGML)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $16.37, but opened at $15.03. Sigma Lithium shares last traded at $15.5290, with a volume of 883,388 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on SGML shares. BMO Capital Markets reaffirmed an “outperform” rating and set a $18.00 price objective on shares of Sigma Lithium in a research note on Wednesday, January 14th. Canaccord Genuity Group upgraded Sigma Lithium from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Bank of America raised Sigma Lithium from an “underperform” rating to a “neutral” rating and set a $14.00 price target on the stock in a research note on Tuesday, February 3rd. Zacks Research raised Sigma Lithium from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 25th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sigma Lithium in a research note on Monday, December 29th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $17.50.

Sigma Lithium Trading Down 9.7%

The firm has a market cap of $1.65 billion and a PE ratio of -47.73. The firm has a fifty day simple moving average of $13.33 and a two-hundred day simple moving average of $9.36. The company has a current ratio of 0.49, a quick ratio of 0.32 and a debt-to-equity ratio of 1.38.

Institutional Trading of Sigma Lithium

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Van ECK Associates Corp boosted its holdings 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 acquiring an additional 2,709,397 shares in the last quarter. Norges Bank bought a new stake in shares of Sigma Lithium during the 2nd quarter valued at about $11,250,000. Legal & General Group Plc increased its position 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 period. Encompass Capital Advisors LLC bought a new position in Sigma Lithium in the fourth quarter worth about $16,463,000. Finally, CenterBook Partners LP lifted its holdings in Sigma Lithium by 416.8% in the second quarter. CenterBook Partners LP now owns 816,515 shares of the company’s stock worth $3,674,000 after buying an additional 658,533 shares during the period. Hedge funds and other institutional investors own 64.86% of the company’s stock.

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.