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

Sigma Lithium Corporation (NASDAQ:SGML)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $12.54, but opened at $14.45. Sigma Lithium shares last traded at $14.6020, with a volume of 2,454,945 shares.

Wall Street Analysts Forecast Growth

SGML has been the topic of a number of recent analyst reports. Zacks Research raised shares of Sigma Lithium from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 25th. Canaccord Genuity Group cut shares of Sigma Lithium from a “buy” rating to a “hold” rating and lifted their target price for the stock from $14.00 to $20.50 in a research note on Friday, January 16th. Citigroup downgraded Sigma Lithium from an “overweight” rating to an “underperform” rating in a research note on Thursday, January 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sigma Lithium in a report on Monday, December 29th. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $18.00 price target on shares of Sigma Lithium in a research note on Wednesday, January 14th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Sigma Lithium presently has an average rating of “Reduce” and an average target price of $17.17.

Sigma Lithium Trading Up 18.5%

The company has a current ratio of 0.49, a quick ratio of 0.32 and a debt-to-equity ratio of 1.38. The firm has a market cap of $1.65 billion and a PE ratio of -48.32. The business has a fifty day moving average price of $12.04 and a 200 day moving average price of $8.19.

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

Institutional Investors Weigh In On Sigma Lithium

Several large investors have recently modified their holdings of the stock. Malaga Cove Capital LLC acquired a new stake in Sigma Lithium during the 2nd quarter valued at $52,000. BTG Pactual Asset Management US LLC acquired a new stake in shares of Sigma Lithium during the third quarter valued at $71,000. Quantbot Technologies LP purchased a new stake in Sigma Lithium during the 3rd quarter worth about $82,000. Hunting Hill Global Capital LLC purchased a new position in Sigma Lithium in the 2nd quarter valued at about $86,000. Finally, Nebula Research & Development LLC acquired a new stake in shares of Sigma Lithium during the 2nd quarter worth about $87,000. Hedge funds and other 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.