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

Sigma Lithium Corporation (NASDAQ:SGML) gapped up before the market opened on Tuesday . The stock had previously closed at $13.25, but opened at $14.42. Sigma Lithium shares last traded at $14.0130, with a volume of 569,831 shares.

Wall Street Analysts Forecast Growth

SGML has been the subject of several recent analyst reports. Bank of America raised Sigma Lithium from a “neutral” rating to a “buy” rating and raised their target price for the stock from $14.00 to $17.00 in a research note on Thursday, April 2nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sigma Lithium in a research note on Friday, March 27th. Wall Street Zen raised Sigma Lithium from a “hold” rating to a “buy” rating in a research note on Saturday, May 23rd. Finally, Zacks Research raised Sigma Lithium from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 21st. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $18.50.

Sigma Lithium Trading Up 3.4%

The firm has a fifty day simple moving average of $17.17 and a 200-day simple moving average of $14.06. The firm has a market cap of $1.53 billion, a P/E ratio of -35.07 and a beta of 0.54. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.32 and a quick ratio of 0.25.

Sigma Lithium (NASDAQ:SGML) last announced its quarterly earnings results on Friday, May 15th. The company reported $0.10 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.10. Sigma Lithium had a negative return on equity of 57.50% and a negative net margin of 41.84%.The business had revenue of $42.34 million for the quarter, compared to analyst estimates of $42.48 million. On average, equities research analysts expect that Sigma Lithium Corporation will post 1.15 earnings per share for the current year.

Institutional Trading of Sigma Lithium

Hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets raised its stake in shares of Sigma Lithium by 15.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 21,897 shares of the company’s stock valued at $99,000 after purchasing an additional 3,005 shares during the period. Banque Cantonale Vaudoise raised its stake in shares of Sigma Lithium by 6.8% during the 1st quarter. Banque Cantonale Vaudoise now owns 55,143 shares of the company’s stock valued at $679,000 after purchasing an additional 3,489 shares during the period. Farther Finance Advisors LLC bought a new stake in shares of Sigma Lithium during the 4th quarter valued at $51,000. Virtu Financial LLC grew its position in Sigma Lithium by 26.6% during the third quarter. Virtu Financial LLC now owns 20,053 shares of the company’s stock worth $129,000 after buying an additional 4,210 shares in the last quarter. Finally, GF Fund Management CO. LTD. bought a new position in Sigma Lithium in the 4th quarter worth about $57,000. 64.86% of the stock is currently owned by 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.