Sigma Lithium (NASDAQ:SGML) Shares Gap Down – Should You Sell?

Sigma Lithium Corporation (NASDAQ:SGML)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $8.02, but opened at $7.56. Sigma Lithium shares last traded at $7.9680, with a volume of 2,515,951 shares changing hands.

Wall Street Analyst Weigh In

SGML has been the subject of several research reports. Wall Street Zen downgraded shares of Sigma Lithium from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. Cormark upgraded shares of Sigma Lithium to a “moderate buy” rating in a report on Thursday, August 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Sigma Lithium in a report on Wednesday, October 8th. Bank of America downgraded Sigma Lithium from a “buy” rating to a “neutral” rating and set a $7.00 target price for the company. in a research report on Friday, October 24th. Finally, Zacks Research downgraded shares of Sigma Lithium from a “hold” rating to a “strong sell” rating in a research report on Monday, October 27th. One research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Sell” and an average price target of $7.00.

Sigma Lithium Stock Performance

The business has a 50-day simple moving average of $6.46 and a 200 day simple moving average of $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.

Sigma Lithium (NASDAQ:SGML) last posted its quarterly earnings data on Friday, November 14th. The company reported ($0.10) EPS for the quarter, hitting analysts’ consensus estimates of ($0.10). The company had revenue of $28.55 million for the quarter, compared to analyst estimates of $70.54 million. Sigma Lithium had a negative return on equity of 35.97% and a negative net margin of 24.13%. Equities research analysts expect that Sigma Lithium Corporation will post -0.12 EPS for the current year.

Institutional Investors Weigh In On Sigma Lithium

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets raised its holdings in shares of Sigma Lithium by 15.9% during the second quarter. BNP Paribas Financial Markets now owns 21,897 shares of the company’s stock valued at $99,000 after purchasing an additional 3,005 shares during the period. Virtu Financial LLC increased its position in Sigma Lithium by 26.6% in the 3rd quarter. Virtu Financial LLC now owns 20,053 shares of the company’s stock valued at $129,000 after buying an additional 4,210 shares in the last quarter. Electron Capital Partners LLC raised its stake in Sigma Lithium by 0.4% during the 2nd quarter. Electron Capital Partners LLC now owns 1,067,947 shares of the company’s stock worth $4,806,000 after buying an additional 4,557 shares during the period. Millennium Management LLC boosted its holdings in Sigma Lithium by 6.4% in the third quarter. Millennium Management LLC now owns 81,543 shares of the company’s stock worth $520,000 after acquiring an additional 4,909 shares in the last quarter. Finally, Legal & General Group Plc boosted its holdings in Sigma Lithium by 0.5% in the third quarter. Legal & General Group Plc now owns 1,312,232 shares of the company’s stock worth $8,416,000 after acquiring an additional 7,157 shares in the last quarter. 64.86% of the stock is 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.