Sigma Lithium (NASDAQ:SGML) Shares Gap Down – Here’s Why
by Renee Jackson · The Cerbat GemSigma Lithium Corporation (NASDAQ:SGML – Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $15.66, but opened at $14.72. Sigma Lithium shares last traded at $13.6960, with a volume of 2,261,316 shares.
Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on SGML shares. Citigroup cut shares of Sigma Lithium from an “overweight” rating to an “underperform” rating in a report on Thursday. Zacks Research upgraded Sigma Lithium from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 25th. Bank of America reiterated an “underperform” rating and set a $13.00 target price (up previously from $11.00) on shares of Sigma Lithium in a research report on Thursday. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Sigma Lithium in a research note on Monday, December 29th. One research analyst has rated the stock with a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Strong Sell” and a consensus price target of $13.00.
Get Our Latest Analysis on Sigma Lithium
Sigma Lithium Price Performance
The company has a 50-day simple moving average of $10.24 and a 200-day simple moving average of $7.51. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.49 and a quick ratio of 0.32. The stock has a market cap of $1.48 billion and a PE ratio of -43.07.
Sigma Lithium (NASDAQ:SGML – Get Free Report) last announced its quarterly earnings data on Friday, November 14th. 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 35.97% and a negative net margin of 24.13%.The business had revenue of $28.55 million during the quarter, compared to the consensus estimate of $70.54 million. Sell-side analysts anticipate that Sigma Lithium Corporation will post -0.12 EPS for the current fiscal year.
Institutional Investors Weigh In On Sigma Lithium
Several hedge funds have recently modified their holdings of SGML. Amundi acquired a new position in Sigma Lithium in the 1st quarter valued at approximately $2,478,000. Goldman Sachs Group Inc. grew its position in Sigma Lithium by 9.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 113,299 shares of the company’s stock worth $1,178,000 after purchasing an additional 9,748 shares in the last quarter. Ascent Group LLC bought a new position in Sigma Lithium during the first quarter valued at about $264,000. Woodline Partners LP increased its position in Sigma Lithium by 65.6% in the first quarter. Woodline Partners LP now owns 2,678,444 shares of the company’s stock worth $27,856,000 after buying an additional 1,060,771 shares during the last quarter. Finally, Aberdeen Group plc purchased a new stake in shares of Sigma Lithium during the 2nd quarter valued at approximately $187,000. 64.86% of the stock is 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.