Encompass Capital Advisors LLC Purchases New Stake in Sigma Lithium Corporation $SGML

Encompass Capital Advisors LLC purchased a new stake in shares of Sigma Lithium Corporation (NASDAQ:SGML) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 1,248,175 shares of the company’s stock, valued at approximately $16,463,000. Encompass Capital Advisors LLC owned 1.12% of Sigma Lithium at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Balyasny Asset Management L.P. raised its position in Sigma Lithium by 61.9% during the fourth quarter. Balyasny Asset Management L.P. now owns 619,669 shares of the company’s stock valued at $8,173,000 after buying an additional 236,942 shares during the period. Schonfeld Strategic Advisors LLC acquired a new position in Sigma Lithium during the fourth quarter valued at $197,000. Jain Global LLC acquired a new position in Sigma Lithium during the fourth quarter valued at $334,000. Turim 21 Investimentos Ltda. acquired a new position in Sigma Lithium during the fourth quarter valued at $723,000. Finally, Entropy Technologies LP acquired a new position in Sigma Lithium during the fourth quarter valued at $233,000. 64.86% of the stock is owned by institutional investors and hedge funds.

Sigma Lithium Stock Performance

Shares of SGML stock opened at $14.80 on Thursday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.32 and a quick ratio of 0.25. Sigma Lithium Corporation has a fifty-two week low of $4.25 and a fifty-two week high of $24.48. The stock’s 50-day moving average is $17.43 and its two-hundred day moving average is $14.29. The firm has a market cap of $1.66 billion, a P/E ratio of -37.95 and a beta of 0.54.

Sigma Lithium (NASDAQ:SGML) last issued its earnings results on Friday, May 15th. The company reported $0.10 earnings per share for the quarter, hitting the consensus estimate of $0.10. Sigma Lithium had a negative return on equity of 57.50% and a negative net margin of 41.84%.The company had revenue of $42.34 million for the quarter, compared to analyst estimates of $42.48 million. Analysts predict that Sigma Lithium Corporation will post 1.15 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Bank of America raised Sigma Lithium from a “neutral” rating to a “buy” rating and upped their target price for the stock from $14.00 to $17.00 in a research report on Thursday, April 2nd. Zacks Research raised Sigma Lithium from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 21st. Wall Street Zen lowered Sigma Lithium from a “buy” rating to a “hold” rating in a research report on Saturday, June 13th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sigma Lithium in a research report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Sigma Lithium has an average rating of “Moderate Buy” and a consensus price target of $18.50.

Sigma Lithium Company Profile

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.