Sigma Lithium (NASDAQ:SGML) Stock Price Down 8% – What’s Next?

Sigma Lithium Corporation (NASDAQ:SGML)’s share price was down 8% during trading on Thursday . The stock traded as low as $11.87 and last traded at $11.9190. Approximately 557,208 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 4,279,378 shares. The stock had previously closed at $12.96.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Bank of America upgraded Sigma Lithium from an “underperform” rating to a “neutral” rating and set a $14.00 price target on the stock in a report on Tuesday, February 3rd. Weiss Ratings restated a “sell (e+)” rating on shares of Sigma Lithium in a research report on Monday, December 29th. Citigroup downgraded shares of Sigma Lithium from an “overweight” rating to an “underperform” rating in a research note 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, January 14th. Finally, Canaccord Genuity Group upgraded Sigma Lithium from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Sigma Lithium currently has an average rating of “Hold” and an average price target of $17.50.

Sigma Lithium Trading Down 7.6%

The stock has a market cap of $1.33 billion, a P/E ratio of -38.61, a price-to-earnings-growth ratio of 0.35 and a beta of -0.06. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.32 and a current ratio of 0.49. The firm’s fifty day simple moving average is $13.35 and its 200-day simple moving average is $9.86.

Hedge Funds Weigh In On Sigma Lithium

Hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Financial Markets grew its holdings in Sigma Lithium by 15.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 21,897 shares of the company’s stock worth $99,000 after acquiring an additional 3,005 shares during the period. Farther Finance Advisors LLC acquired a new stake in Sigma Lithium during the fourth quarter worth approximately $51,000. Virtu Financial LLC increased its holdings in Sigma Lithium by 26.6% in the third quarter. Virtu Financial LLC now owns 20,053 shares of the company’s stock worth $129,000 after purchasing an additional 4,210 shares in the last quarter. GF Fund Management CO. LTD. bought a new stake in Sigma Lithium in the fourth quarter worth approximately $57,000. Finally, Electron Capital Partners LLC lifted its stake in Sigma Lithium by 0.4% in the second quarter. Electron Capital Partners LLC now owns 1,067,947 shares of the company’s stock valued at $4,806,000 after buying an additional 4,557 shares during the period. Institutional investors and hedge funds 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.