Sigma Lithium (NASDAQ:SGML) Stock Price Up 8.4% – Should You Buy?

Shares of Sigma Lithium Corporation (NASDAQ:SGML) were up 8.4% during trading on Friday . The company traded as high as $7.13 and last traded at $7.36. Approximately 555,603 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 1,617,525 shares. The stock had previously closed at $6.79.

Analysts Set New Price Targets

A number of analysts have commented on SGML shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sigma Lithium in a research report on Saturday, September 27th. Wall Street Zen downgraded Sigma Lithium from a “hold” rating to a “sell” rating in a research report on Saturday, August 16th. Cormark raised Sigma Lithium to a “moderate buy” rating in a report on Thursday, August 21st. Finally, Bank of America assumed coverage on Sigma Lithium in a report on Tuesday, August 26th. They issued a “buy” rating and a $12.00 target price for the company. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $12.00.

Sigma Lithium Price Performance

The company has a 50 day moving average price of $6.09 and a 200 day moving average price of $6.61. The company has a market capitalization of $833.71 million, a price-to-earnings ratio of -17.02 and a beta of 0.08. The company has a current ratio of 0.60, a quick ratio of 0.39 and a debt-to-equity ratio of 1.26.

Sigma Lithium (NASDAQ:SGML) last released its earnings results on Thursday, August 14th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.14). The firm had revenue of $16.89 million during the quarter, compared to analyst estimates of $50.44 million. Sigma Lithium had a negative net margin of 35.69% and a negative return on equity of 47.19%. As a group, equities research analysts forecast that Sigma Lithium Corporation will post -0.12 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Appian Way Asset Management LP boosted its position in shares of Sigma Lithium by 5.3% in the 1st quarter. Appian Way Asset Management LP now owns 4,963,006 shares of the company’s stock worth $51,615,000 after purchasing an additional 250,581 shares during the last quarter. Woodline Partners LP boosted its position in shares of Sigma Lithium by 65.6% in the 1st quarter. Woodline Partners LP now owns 2,678,444 shares of the company’s stock worth $27,856,000 after purchasing an additional 1,060,771 shares during the last quarter. Norges Bank bought a new position in shares of Sigma Lithium in the 2nd quarter worth $11,250,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Sigma Lithium by 24.9% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,550,713 shares of the company’s stock worth $7,091,000 after purchasing an additional 309,338 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in shares of Sigma Lithium by 31.8% in the 2nd quarter. Legal & General Group Plc now owns 1,305,075 shares of the company’s stock worth $5,948,000 after purchasing an additional 314,711 shares during the last quarter. 64.86% of the stock is currently owned by institutional investors.

About Sigma Lithium

Sigma Lithium Corporation engages in the exploration and development of lithium deposits in Brazil. It holds a 100% interest in the Grota do Cirilo, Genipapo, Santa Clara, and São José properties comprising 29 mineral rights covering an area of approximately 185 square kilometers located in the Araçuaí and Itinga regions of the state of Minas Gerais, Brazil.