Sigma Lithium (NASDAQ:SGML) Shares Gap Down – Time to Sell?

Sigma Lithium Corporation (NASDAQ:SGML)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $15.55, but opened at $14.95. Sigma Lithium shares last traded at $15.4890, with a volume of 676,834 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on SGML shares. Canaccord Genuity Group reissued a “hold” rating and set a $20.50 price objective (up previously from $14.00) on shares of Sigma Lithium in a research note on Friday. Zacks Research raised shares of Sigma Lithium from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 25th. Citigroup downgraded shares of Sigma Lithium from an “overweight” rating to an “underperform” rating in a research report on Thursday, January 8th. BMO Capital Markets reissued an “outperform” rating and issued a $18.00 price objective on shares of Sigma Lithium in a research note on Wednesday. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sigma Lithium in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $17.17.

Sigma Lithium Stock Down 13.9%

The business has a 50 day moving average price of $11.35 and a 200 day moving average price of $7.92. The stock has a market cap of $1.37 billion and a PE ratio of -39.58. The company has a quick ratio of 0.32, a current ratio of 0.49 and a debt-to-equity ratio of 1.38.

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

Hedge Funds Weigh In On Sigma Lithium

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Malaga Cove Capital LLC acquired a new position in Sigma Lithium during the second quarter worth $52,000. BTG Pactual Asset Management US LLC purchased a new position in Sigma Lithium during the third quarter worth approximately $71,000. Quantbot Technologies LP purchased a new stake in shares of Sigma Lithium during the 3rd quarter worth about $82,000. Hunting Hill Global Capital LLC acquired a new stake in shares of Sigma Lithium in the second quarter worth $86,000. Finally, Nebula Research & Development LLC acquired a new position in shares of Sigma Lithium during the second quarter worth about $87,000. 64.86% of the stock is owned by institutional investors and hedge funds.

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.