Sigma Lithium (NASDAQ:SGML) Sets New 52-Week High – Here’s Why

Sigma Lithium Corporation (NASDAQ:SGML)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $16.72 and last traded at $15.7710, with a volume of 217204 shares. The stock had previously closed at $15.66.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sigma Lithium in a research report on Monday, December 29th. Bank of America reiterated an “underperform” rating and issued a $13.00 price objective (up previously from $11.00) on shares of Sigma Lithium in a research note on Thursday, January 8th. Zacks Research upgraded shares of Sigma Lithium from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 25th. Finally, Citigroup lowered shares of Sigma Lithium from an “overweight” rating to an “underperform” rating in a report on Thursday. One research analyst has rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Strong Sell” and a consensus price target of $13.00.

Sigma Lithium Stock Performance

The firm’s 50 day moving average is $10.72 and its 200-day moving average is $7.73. The stock has a market capitalization of $1.74 billion and a price-to-earnings ratio of -50.62. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.32 and a current ratio of 0.49.

Sigma Lithium (NASDAQ:SGML) last released its quarterly earnings results on Friday, November 14th. The company reported ($0.10) EPS for the quarter, meeting the consensus estimate of ($0.10). The company had revenue of $28.55 million for the quarter, compared to analyst estimates of $70.54 million. Sigma Lithium had a negative net margin of 24.13% and a negative return on equity of 35.97%. Analysts forecast that Sigma Lithium Corporation will post -0.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sigma Lithium

A number of large investors have recently bought and sold shares of SGML. Malaga Cove Capital LLC acquired a new stake in Sigma Lithium in the second quarter valued at approximately $52,000. 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 purchased a new position in shares of Sigma Lithium during the 3rd quarter valued at approximately $82,000. Hunting Hill Global Capital LLC purchased a new position in shares of Sigma Lithium during the 2nd quarter valued at approximately $86,000. Finally, Nebula Research & Development LLC acquired a new stake in Sigma Lithium in the 2nd quarter valued at $87,000. Institutional investors and hedge funds 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.