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

Sigma Lithium Corporation (NASDAQ:SGML)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $6.15, but opened at $6.43. Sigma Lithium shares last traded at $6.39, with a volume of 197,298 shares traded.

Analysts Set New Price Targets

A number of equities analysts recently commented on SGML shares. Cormark upgraded Sigma Lithium to a “moderate buy” rating in a report on Thursday, August 21st. Bank of America started coverage on Sigma Lithium in a report on Tuesday. They issued a “buy” rating and a $12.00 price objective on the stock. Finally, Wall Street Zen downgraded Sigma Lithium from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $12.00.

Sigma Lithium Stock Down 0.6%

The company has a quick ratio of 0.39, a current ratio of 0.60 and a debt-to-equity ratio of 1.26. The company has a market capitalization of $680.55 million, a P/E ratio of -13.85 and a beta of 0.07. The firm has a 50-day moving average price of $5.64 and a two-hundred day moving average price of $7.62.

Sigma Lithium (NASDAQ:SGML) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.14). Sigma Lithium had a negative net margin of 35.69% and a negative return on equity of 47.19%. The business had revenue of $16.89 million during the quarter, compared to the consensus estimate of $50.44 million. Equities research analysts anticipate that Sigma Lithium Corporation will post -0.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC lifted its position in Sigma Lithium by 67.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 74,425 shares of the company’s stock worth $774,000 after purchasing an additional 30,075 shares during the period. Lighthouse Investment Partners LLC raised its stake in Sigma Lithium by 78.7% during the fourth quarter. Lighthouse Investment Partners LLC now owns 247,576 shares of the company’s stock worth $2,778,000 after acquiring an additional 109,064 shares in the last quarter. Sourcerock Group LLC raised its stake in Sigma Lithium by 46.0% during the fourth quarter. Sourcerock Group LLC now owns 1,387,222 shares of the company’s stock worth $15,565,000 after acquiring an additional 437,010 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in Sigma Lithium during the fourth quarter worth $185,000. Finally, Point72 Asset Management L.P. raised its stake in Sigma Lithium by 349.0% during the fourth quarter. Point72 Asset Management L.P. now owns 405,274 shares of the company’s stock worth $4,547,000 after acquiring an additional 315,008 shares in the last quarter. 64.86% of the stock is owned by institutional investors.

About Sigma Lithium

Sigma Lithium Corporation engages in the exploration and development of lithium deposits in Brazil. It holds a 100% interest in the Grota do Cirilo, Genipapo, Santa Clara, and São José properties comprising 29 mineral rights covering an area of approximately 185 square kilometers located in the Araçuaí and Itinga regions of the state of Minas Gerais, Brazil.