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

Sigma Lithium Corporation (NASDAQ:SGML)’s share price gapped up prior to trading on Monday . The stock had previously closed at $13.51, but opened at $14.41. Sigma Lithium shares last traded at $14.1630, with a volume of 1,228,605 shares.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Zacks Research raised Sigma Lithium from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 25th. Citigroup downgraded shares of Sigma Lithium from an “overweight” rating to an “underperform” rating in a research note on Thursday, January 8th. Bank of America restated an “underperform” rating and set a $13.00 price objective (up previously from $11.00) on shares of Sigma Lithium in a report on Thursday, January 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sigma Lithium in a research note on Monday, December 29th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $18.00 target price on shares of Sigma Lithium in a research report on Wednesday. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $15.50.

Sigma Lithium Stock Up 6.7%

The company has a market cap of $1.85 billion and a P/E ratio of -53.51. The company has a quick ratio of 0.32, a current ratio of 0.49 and a debt-to-equity ratio of 1.38. The firm has a fifty day moving average price of $10.94 and a 200 day moving average price of $7.81.

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

Hedge Funds Weigh In On Sigma Lithium

Several hedge funds have recently added to or reduced their stakes in SGML. Van ECK Associates Corp raised its holdings in Sigma Lithium by 142.8% during the 3rd quarter. Van ECK Associates Corp now owns 4,606,668 shares of the company’s stock worth $29,529,000 after purchasing an additional 2,709,397 shares during the last quarter. Norges Bank acquired a new stake in shares of Sigma Lithium during the 2nd quarter worth approximately $11,250,000. CenterBook Partners LP raised its stake in shares of Sigma Lithium by 416.8% during the second quarter. CenterBook Partners LP now owns 816,515 shares of the company’s stock worth $3,674,000 after buying an additional 658,533 shares during the last quarter. Handelsbanken Fonder AB acquired a new position in Sigma Lithium in the third quarter valued at approximately $4,130,000. Finally, Woodline Partners LP lifted its stake in shares of Sigma Lithium by 26.6% in the 3rd quarter. Woodline Partners LP now owns 2,964,909 shares of the company’s stock valued at $19,005,000 after purchasing an additional 623,832 shares during the period. Institutional investors own 64.86% of the company’s stock.

Sigma Lithium Company Profile

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.