Sigma Lithium (NASDAQ:SGML) Stock Price Up 14.1% – Here’s Why

Sigma Lithium Corporation (NASDAQ:SGML)’s stock price was up 14.1% on Monday . The company traded as high as $6.08 and last traded at $6.0690. Approximately 2,754,129 shares traded hands during mid-day trading, an increase of 32% from the average daily volume of 2,079,714 shares. The stock had previously closed at $5.32.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on SGML shares. Cormark raised Sigma Lithium to a “moderate buy” rating in a research report on Thursday, August 21st. Wall Street Zen downgraded Sigma Lithium from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. Zacks Research lowered Sigma Lithium from a “hold” rating to a “strong sell” rating in a research report on Monday, October 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sigma Lithium in a research report on Wednesday, October 8th. Finally, Bank of America lowered shares of Sigma Lithium from a “buy” rating to a “neutral” rating and set a $7.00 price target for the company. in a research note on Friday, October 24th. One equities research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Sigma Lithium presently has a consensus rating of “Sell” and an average price target of $7.00.

Sigma Lithium Price Performance

The stock has a market capitalization of $670.51 million, a P/E ratio of -13.68 and a beta of 0.08. The company has a 50 day moving average of $6.24 and a 200-day moving average of $6.08. The company has a quick ratio of 0.39, a current ratio of 0.60 and a debt-to-equity ratio of 1.26.

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

Institutional Trading of Sigma Lithium

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Appian Way Asset Management LP grew its stake in Sigma Lithium by 5.3% during the 1st quarter. Appian Way Asset Management LP now owns 4,963,006 shares of the company’s stock worth $51,615,000 after buying an additional 250,581 shares during the last quarter. Woodline Partners LP boosted its holdings in shares of Sigma Lithium by 65.6% during the first quarter. Woodline Partners LP now owns 2,678,444 shares of the company’s stock valued at $27,856,000 after acquiring an additional 1,060,771 shares during the period. Norges Bank acquired a new stake in shares of Sigma Lithium in the 2nd quarter worth about $11,250,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Sigma Lithium by 24.9% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,550,713 shares of the company’s stock valued at $7,091,000 after purchasing an additional 309,338 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in Sigma Lithium by 31.8% during the 2nd quarter. Legal & General Group Plc now owns 1,305,075 shares of the company’s stock valued at $5,948,000 after purchasing an additional 314,711 shares during the period. 64.86% of the stock is currently owned by institutional investors and hedge funds.

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.