Sigma Lithium Corporation (NASDAQ:SGML – Get Free Report)’s stock price gapped down before the market opened on Thursday. The stock had previously closed at $9.40, but opened at $9.02. Sigma Lithium shares last traded at $8.4570, with a volume of 326,590 shares changing hands.
Wall Street Analyst Weigh In
A number of equities analysts have issued reports on SGML shares. Weiss Ratings downgraded shares of Sigma Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 13th. Zacks Research lowered shares of Sigma Lithium from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 19th. Wall Street Zen downgraded Sigma Lithium from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. JPMorgan Chase & Co. began coverage on Sigma Lithium in a report on Friday, September 18th. They set an “overweight” rating and a $14.00 price target on the stock. Finally, BMO Capital Markets cut Sigma Lithium from an “outperform” rating to a “market perform” rating and set a $10.00 price objective on the stock. in a research report on Thursday. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $15.38.
Read Our Latest Stock Analysis on Sigma Lithium
Sigma Lithium Trading Down 14.8%
Sigma Lithium (NASDAQ:SGML – Get Free Report) last issued its quarterly earnings results on Friday, August 14th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.25). The company had revenue of $54.70 million for the quarter, compared to analysts’ expectations of $68.34 million. Sigma Lithium had a negative return on equity of 37.40% and a negative net margin of 19.36%. As a group, analysts expect that Sigma Lithium Corporation will post 0.5 earnings per share for the current year.
Institutional Trading of Sigma Lithium
Several hedge funds have recently made changes to their positions in the company. State of Wyoming purchased a new stake in shares of Sigma Lithium in the second quarter worth about $109,000. Deutsche Bank AG purchased a new stake in Sigma Lithium in the 2nd quarter worth approximately $116,000. Public Employees Retirement System of Ohio bought a new position in Sigma Lithium in the 2nd quarter valued at $128,000. Wellington Management Group LLP bought a new position in Sigma Lithium in the 2nd quarter valued at $286,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in shares of Sigma Lithium during the 4th quarter valued at $298,000. 64.86% of the stock is currently owned by institutional investors.
About Sigma Lithium
Sigma Lithium Corporation is a Canadian mining and technology company focused on the exploration, development, and production of lithium products for the electric vehicle and energy storage industries. Its principal operations are located in Brazil, where the company is developing and operating the Grota do Cirilo lithium project in the state of Minas Gerais.
Grota do Cirilo produces battery-grade lithium spodumene concentrate, a key raw material used to manufacture lithium-ion batteries.
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