Sigma Lithium (NASDAQ:SGML) Sets New 1-Year High – Time to Buy?

Shares of Sigma Lithium Corporation (NASDAQ:SGML) hit a new 52-week high during trading on Wednesday . The company traded as high as $16.88 and last traded at $15.6450, with a volume of 7231037 shares trading hands. The stock had previously closed at $12.60.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Bank of America upgraded Sigma Lithium from an “underperform” rating to a “neutral” rating and set a $14.00 price objective on the stock in a research note on Tuesday, February 3rd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sigma Lithium in a research report on Monday, December 29th. BMO Capital Markets restated an “outperform” rating and issued a $18.00 price objective on shares of Sigma Lithium in a research report on Wednesday, January 14th. Canaccord Genuity Group raised shares of Sigma Lithium from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Finally, Zacks Research raised shares of Sigma Lithium from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 25th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Sigma Lithium presently has a consensus rating of “Hold” and an average price target of $17.50.

Sigma Lithium Stock Up 17.0%

The stock has a market capitalization of $1.64 billion and a P/E ratio of -47.52. The stock has a 50 day moving average price of $13.22 and a 200-day moving average price of $9.31. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.49 and a quick ratio of 0.32.

Institutional Trading of Sigma Lithium

Institutional investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC purchased a new position in shares of Sigma Lithium in the fourth quarter worth $51,000. Malaga Cove Capital LLC bought a new stake in Sigma Lithium in the 2nd quarter worth $52,000. GF Fund Management CO. LTD. purchased a new position in shares of Sigma Lithium in the fourth quarter valued at about $57,000. BTG Pactual Asset Management US LLC bought a new position in shares of Sigma Lithium during the third quarter valued at about $71,000. Finally, Quantbot Technologies LP purchased a new stake in shares of Sigma Lithium during the third quarter worth about $82,000. Hedge funds and other institutional investors 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.