Sigma Lithium (NASDAQ:SGML) Shares Gap Up After Analyst Upgrade

Sigma Lithium Corporation (NASDAQ:SGML) gapped up before the market opened on Tuesday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The stock had previously closed at $9.99, but opened at $10.60. Sigma Lithium shares last traded at $9.9770, with a volume of 2,547,416 shares trading hands.

A number of other research firms have also weighed in on SGML. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sigma Lithium in a research note on Wednesday, October 8th. Wall Street Zen lowered Sigma Lithium from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. Bank of America lowered Sigma Lithium from a “buy” rating to a “neutral” rating and set a $7.00 price target for the company. in a report on Friday, October 24th. Finally, Cormark raised Sigma Lithium to a “moderate buy” rating in a research note on Thursday, August 21st. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $7.00.

Hedge Funds Weigh In On Sigma Lithium

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

Sigma Lithium Stock Performance

The firm has a 50 day moving average price of $6.80 and a 200-day moving average price of $6.11. The company has a quick ratio of 0.32, a current ratio of 0.49 and a debt-to-equity ratio of 1.38. The stock has a market capitalization of $1.18 billion, a PE ratio of -34.22 and a beta of 0.08.

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

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.