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

Sigma Lithium Corporation (NASDAQ:SGML) gapped up before the market opened on Wednesday . The stock had previously closed at $7.77, but opened at $8.90. Sigma Lithium shares last traded at $10.29, with a volume of 19,345,940 shares.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Wall Street Zen downgraded Sigma Lithium from a “hold” rating to a “sell” rating in a research report on Saturday, August 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sigma Lithium in a research note on Wednesday, October 8th. Bank of America downgraded shares of Sigma Lithium from a “buy” rating to a “neutral” rating and set a $7.00 price target on the stock. in a research note on Friday, October 24th. Zacks Research lowered shares of Sigma Lithium from a “hold” rating to a “strong sell” rating in a report on Monday, October 27th. Finally, Cormark raised Sigma Lithium to a “moderate buy” rating in a research note on Thursday, August 21st. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Sell” and a consensus price target of $7.00.

Sigma Lithium Trading Up 3.7%

The company’s 50 day simple moving average is $6.46 and its 200 day simple moving average is $6.05. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.49 and a quick ratio of 0.39. The firm has a market cap of $1.09 billion, a price-to-earnings ratio of -31.46 and a beta of 0.08.

Sigma Lithium (NASDAQ:SGML) last released its earnings results on Friday, November 14th. The company reported ($0.10) earnings per share (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 firm had revenue of $28.55 million during the quarter, compared to analyst estimates of $70.54 million. As a group, research analysts expect that Sigma Lithium Corporation will post -0.12 earnings per share for the current fiscal year.

Institutional Trading of Sigma Lithium

A number of large investors have recently made changes to their positions in the company. Van ECK Associates Corp raised its holdings in Sigma Lithium by 142.8% in the third quarter. Van ECK Associates Corp now owns 4,606,668 shares of the company’s stock valued at $29,529,000 after acquiring an additional 2,709,397 shares in the last quarter. Norges Bank acquired a new stake in shares of Sigma Lithium in the 2nd quarter valued at $11,250,000. Woodline Partners LP raised its holdings 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 valued at $27,856,000 after purchasing an additional 1,060,771 shares in the last quarter. CenterBook Partners LP lifted its position in shares of Sigma Lithium by 416.8% during the 2nd quarter. CenterBook Partners LP now owns 816,515 shares of the company’s stock worth $3,674,000 after purchasing an additional 658,533 shares during the last quarter. Finally, Handelsbanken Fonder AB acquired a new position in shares of Sigma Lithium during the third quarter worth $4,130,000. 64.86% of the stock is currently owned by hedge funds and other 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.