Sigma Lithium (NASDAQ:SGML) Trading Down 8.7% – Here’s Why

Sigma Lithium Corporation (NASDAQ:SGML) shares dropped 8.7% during mid-day trading on Thursday . The company traded as low as $17.36 and last traded at $17.1980. Approximately 634,537 shares were traded during trading, a decline of 85% from the average daily volume of 4,106,122 shares. The stock had previously closed at $18.83.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Sigma Lithium in a research report on Friday, March 27th. Canaccord Genuity Group raised shares of Sigma Lithium from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. BMO Capital Markets reissued an “outperform” rating and set a $18.00 price target on shares of Sigma Lithium in a research report on Wednesday, January 14th. Wall Street Zen raised shares of Sigma Lithium from a “sell” rating to a “hold” rating in a research report on Saturday, April 4th. Finally, Bank of America raised shares of Sigma Lithium from a “neutral” rating to a “buy” rating and raised their price target for the stock from $14.00 to $17.00 in a research report on Thursday, April 2nd. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $18.50.

Sigma Lithium Trading Down 6.5%

The stock has a market cap of $1.96 billion, a price-to-earnings ratio of -39.14 and a beta of 0.64. The business’s fifty day simple moving average is $15.73 and its 200 day simple moving average is $12.86. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.25 and a quick ratio of 0.14.

Sigma Lithium (NASDAQ:SGML) last released its quarterly earnings data on Monday, March 30th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.10). The business had revenue of $16.90 million during the quarter, compared to analyst estimates of $52.20 million. Sigma Lithium had a negative return on equity of 59.34% and a negative net margin of 45.64%. On average, research analysts predict that Sigma Lithium Corporation will post 0.92 EPS for the current year.

Institutional Investors Weigh In On Sigma Lithium

Several large investors have recently made changes to their positions in the company. Van ECK Associates Corp lifted its stake 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 during the last quarter. Woodline Partners LP boosted its holdings in Sigma Lithium by 26.6% in the third quarter. Woodline Partners LP now owns 2,964,909 shares of the company’s stock worth $19,005,000 after purchasing an additional 623,832 shares in the last quarter. Legal & General Group Plc increased its position in Sigma Lithium by 101.7% during the fourth quarter. Legal & General Group Plc now owns 2,647,004 shares of the company’s stock worth $34,911,000 after buying an additional 1,334,772 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Sigma Lithium by 24.9% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,550,713 shares of the company’s stock valued at $7,091,000 after buying an additional 309,338 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of Sigma Lithium by 42.3% in the third quarter. Invesco Ltd. now owns 1,280,443 shares of the company’s stock worth $8,208,000 after buying an additional 380,498 shares during the last quarter. Institutional investors own 64.86% of the company’s stock.

About Sigma Lithium

Sigma Lithium Corp. is a Canada-based mineral exploration and development company focused on the sustainable production of battery-grade lithium from hard rock deposits. The company’s flagship asset is the Grota do Cirilo lithium project, located in the state of Minas Gerais, Brazil. Grota do Cirilo comprises a fully permitted, low-altitude spodumene mine and processing plant designed to produce high-purity lithium concentrate and downstream lithium hydroxide for the global electric vehicle and energy storage markets.

Since its founding in 2018, Sigma Lithium has pursued a vertically integrated approach, overseeing each stage of production from ore extraction and beneficiation to chemical conversion.