Sigma Lithium (NASDAQ:SGML) Shares Gap Up – Time to Buy?

Sigma Lithium Corporation (NASDAQ:SGML)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $11.89, but opened at $12.44. Sigma Lithium shares last traded at $12.7280, with a volume of 268,583 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SGML. Weiss Ratings restated a “sell (e+)” rating on shares of Sigma Lithium in a research report on Wednesday, June 24th. Zacks Research raised shares of Sigma Lithium from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 21st. Wall Street Zen raised shares of Sigma Lithium from a “hold” rating to a “buy” rating in a report on Sunday, June 21st. Finally, Bank of America upgraded shares of Sigma Lithium from a “neutral” rating to a “buy” rating and boosted their target price for the company from $14.00 to $17.00 in a research report on Thursday, April 2nd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $18.50.

Sigma Lithium Trading Up 7.6%

The business’s 50 day simple moving average is $16.83 and its two-hundred day simple moving average is $14.40. The stock has a market cap of $1.43 billion, a P/E ratio of -32.80 and a beta of 0.54. The company has a quick ratio of 0.25, a current ratio of 0.32 and a debt-to-equity ratio of 0.21.

Sigma Lithium (NASDAQ:SGML) last announced its quarterly earnings results on Friday, May 15th. The company reported $0.10 EPS for the quarter, meeting analysts’ consensus estimates of $0.10. Sigma Lithium had a negative return on equity of 57.50% and a negative net margin of 41.84%.The company had revenue of $42.34 million during the quarter, compared to analysts’ expectations of $42.48 million. As a group, analysts expect that Sigma Lithium Corporation will post 1.15 EPS for the current year.

Hedge Funds Weigh In On Sigma Lithium

Several large investors have recently bought and sold shares of SGML. Bank of America Corp DE boosted its stake in shares of Sigma Lithium by 138.4% during the first quarter. Bank of America Corp DE now owns 288,418 shares of the company’s stock valued at $3,559,000 after purchasing an additional 167,443 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Sigma Lithium by 18.6% in the first quarter. The Manufacturers Life Insurance Company now owns 242,990 shares of the company’s stock valued at $2,989,000 after buying an additional 38,141 shares during the period. Entropy Technologies LP increased its stake in shares of Sigma Lithium by 77.1% in the first quarter. Entropy Technologies LP now owns 31,349 shares of the company’s stock valued at $387,000 after buying an additional 13,649 shares during the period. Ariose Capital Management Ltd bought a new position in Sigma Lithium in the 1st quarter valued at approximately $3,826,000. Finally, Banque Cantonale Vaudoise raised its holdings in Sigma Lithium by 6.8% in the 1st quarter. Banque Cantonale Vaudoise now owns 55,143 shares of the company’s stock valued at $679,000 after buying an additional 3,489 shares during the last quarter. 64.86% of the stock is currently owned by institutional investors.

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.