Short Interest in Sigma Lithium Corporation (NASDAQ:SGML) Drops By 42.1%

Sigma Lithium Corporation (NASDAQ:SGML) saw a significant drop in short interest during the month of April. As of April 30th, there was short interest totaling 3,298,340 shares, a drop of 42.1% from the April 15th total of 5,694,977 shares. Currently, 5.8% of the shares of the company are short sold. Based on an average daily volume of 3,787,559 shares, the days-to-cover ratio is presently 0.9 days.

Sigma Lithium Price Performance

SGML traded down $2.06 on Monday, hitting $14.76. 5,404,411 shares of the company were exchanged, compared to its average volume of 4,208,674. The business’s fifty day moving average is $15.91 and its 200 day moving average is $13.02. The firm has a market capitalization of $1.64 billion, a P/E ratio of -37.85 and a beta of 0.64. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.14 and a current ratio of 0.25. Sigma Lithium has a fifty-two week low of $4.25 and a fifty-two week high of $24.48.

Sigma Lithium (NASDAQ:SGML) last announced its quarterly earnings results on Friday, May 15th. The company reported $0.10 EPS for the quarter, hitting the consensus estimate of $0.10. The business had revenue of $42.34 million for the quarter, compared to analyst estimates of $42.48 million. Sigma Lithium had a negative return on equity of 56.56% and a negative net margin of 41.84%. As a group, sell-side analysts anticipate that Sigma Lithium will post 0.92 EPS for the current year.

Analyst Ratings Changes

A number of research firms recently issued reports on SGML. Bank of America raised Sigma Lithium from a “neutral” rating to a “buy” rating and raised their price target for the stock from $14.00 to $17.00 in a report on Thursday, April 2nd. Canaccord Genuity Group raised Sigma Lithium from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Wall Street Zen raised Sigma Lithium from a “sell” rating to a “hold” rating in a report on Saturday, April 4th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Sigma Lithium in a report on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $18.50.

Institutional Investors Weigh In On Sigma Lithium

Several institutional investors have recently modified their holdings of SGML. Farther Finance Advisors LLC purchased a new stake in shares of Sigma Lithium during the 4th quarter worth approximately $51,000. GF Fund Management CO. LTD. acquired a new position in shares of Sigma Lithium during the 4th quarter worth approximately $57,000. BTG Pactual Asset Management US LLC acquired a new position in shares of Sigma Lithium during the 3rd quarter worth approximately $71,000. Quantbot Technologies LP acquired a new position in shares of Sigma Lithium during the 3rd quarter worth approximately $82,000. Finally, Nebula Research & Development LLC acquired a new position in shares of Sigma Lithium during the 2nd quarter worth approximately $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.