Shares of Sigma Lithium Corporation (NASDAQ:SGML – Get Free Report) saw unusually-strong trading volume on Tuesday. Approximately 3,850,221 shares were traded during mid-day trading, an increase of 23% from the average daily volume of 3,123,741 shares. The stock last traded at $5.5480 and had previously closed at $5.21.
Analyst Upgrades and Downgrades
A number of research firms have issued reports on SGML. Weiss Ratings cut Sigma Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, August 13th. Wall Street Zen cut shares of Sigma Lithium from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. JPMorgan Chase & Co. downgraded shares of Sigma Lithium from an “overweight” rating to a “neutral” rating and set a $11.00 price objective for the company. in a research report on Friday, October 2nd. Zacks Research cut shares of Sigma Lithium from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 19th. Finally, BMO Capital Markets downgraded shares of Sigma Lithium from an “outperform” rating to a “market perform” rating and set a $10.00 target price for the company. in a report on Thursday, October 1st. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $14.30.
Read Our Latest Stock Analysis on Sigma Lithium
Sigma Lithium Trading Up 7.8%
The company has a quick ratio of 0.25, a current ratio of 0.34 and a debt-to-equity ratio of 1.25. The firm has a market cap of $632.75 million, a P/E ratio of -23.35 and a beta of 0.67. The firm’s 50-day simple moving average is $9.67 and its 200 day simple moving average is $12.75.
Sigma Lithium (NASDAQ:SGML – Get Free Report) last released its earnings results on Friday, August 14th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.25). Sigma Lithium had a negative net margin of 19.36% and a negative return on equity of 37.40%. The company had revenue of $54.70 million for the quarter, compared to the consensus estimate of $68.34 million. As a group, analysts expect that Sigma Lithium Corporation will post 0.15 earnings per share for the current year.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. bought a new position in Sigma Lithium during the 2nd quarter valued at approximately $29,727,000. SIR Capital Management L.P. bought a new stake in Sigma Lithium during the second quarter worth about $4,754,000. Handelsbanken Fonder AB boosted its position in shares of Sigma Lithium by 23.2% in the 2nd quarter. Handelsbanken Fonder AB now owns 1,498,133 shares of the company’s stock worth $18,951,000 after purchasing an additional 282,595 shares in the last quarter. Legal & General Group Plc bought a new position in shares of Sigma Lithium during the second quarter valued at $3,285,000. Finally, The Manufacturers Life Insurance Company bought a new position in Sigma Lithium in the 2nd quarter worth about $2,989,000. Institutional investors own 64.86% of the company’s stock.
Sigma Lithium Company Profile
Sigma Lithium Corp. is a Canadian-based lithium development and mining company focused on producing battery-grade lithium concentrate in Brazil. The company’s principal asset is the Grota do Cirilo project in the Jequitinhonha Valley of Minas Gerais, one of Brazil’s established hard-rock lithium regions.
Grota do Cirilo includes the Xuxa mine and processing operations that produce lithium concentrate from spodumene-bearing ore. Sigma Lithium uses a dense-media separation process designed to recover lithium while minimizing the use of chemicals and water.
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