Short Interest in Sigma Lithium Corporation (NASDAQ:SGML) Expands By 47.8%

Sigma Lithium Corporation (NASDAQ:SGML) was the recipient of a significant increase in short interest in July. As of July 31st, there was short interest totaling 3,207,941 shares, an increase of 47.8% from the July 15th total of 2,170,606 shares. Currently, 5.5% of the shares of the company are short sold. Based on an average daily volume of 1,588,765 shares, the days-to-cover ratio is currently 2.0 days.

Institutional Trading of Sigma Lithium

Large investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio purchased a new stake in shares of Sigma Lithium during the second quarter valued at $128,000. Capstone Investment Advisors LLC purchased a new stake in shares of Sigma Lithium in the 2nd quarter valued at $406,000. Bank of America Corp DE acquired a new stake in shares of Sigma Lithium in the second quarter worth $802,000. Man Group plc purchased a new position in shares of Sigma Lithium during the 2nd quarter valued at about $295,000. Finally, SIR Capital Management L.P. acquired a new position in Sigma Lithium in the second quarter valued at approximately $4,754,000. Hedge funds and other institutional investors own 64.86% of the company’s stock.

Sigma Lithium Stock Down 0.8%

Sigma Lithium stock traded down $0.09 during midday trading on Wednesday, hitting $10.94. 759,397 shares of the company’s stock were exchanged, compared to its average volume of 3,380,557. The company has a market cap of $1.23 billion, a PE ratio of -45.42 and a beta of 0.61. Sigma Lithium has a 12 month low of $4.61 and a 12 month high of $24.48. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.25 and a current ratio of 0.32. The firm has a 50-day moving average of $11.79 and a two-hundred day moving average of $13.84.

Sigma Lithium (NASDAQ:SGML) last posted its earnings results on Friday, August 14th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.25). Sigma Lithium had a negative return on equity of 38.89% and a negative net margin of 19.36%.The company had revenue of $54.70 million for the quarter, compared to analysts’ expectations of $68.34 million. As a group, analysts expect that Sigma Lithium will post 1.15 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently weighed in on SGML. Zacks Research downgraded shares of Sigma Lithium from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 20th. Weiss Ratings cut Sigma Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 13th. Finally, Wall Street Zen lowered shares of Sigma Lithium from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $18.50.

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.