Sigma Lithium (NASDAQ:SGML) Shares Down 6.3% – What’s Next?

Sigma Lithium Corporation (NASDAQ:SGML)’s share price was down 6.3% during mid-day trading on Wednesday. The company traded as low as $8.02 and last traded at $7.9240. Approximately 352,700 shares traded hands during trading, a decline of 89% from the average daily volume of 3,092,967 shares. The stock had previously closed at $8.46.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on SGML shares. ATB Cormark Capital Markets upgraded shares of Sigma Lithium from a “hold” rating to a “moderate buy” rating in a research report on Thursday, October 15th. Wall Street Zen lowered shares of Sigma Lithium from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Zacks Research lowered shares of Sigma Lithium from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 19th. BMO Capital Markets cut shares of Sigma Lithium from an “outperform” rating to a “market perform” rating and set a $10.00 price objective for the company. in a research note on Thursday, October 1st. Finally, Weiss Ratings downgraded shares of Sigma Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 13th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $14.30.

Sigma Lithium Trading Down 8.1%

The stock has a 50 day simple moving average of $10.24 and a two-hundred day simple moving average of $13.13. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.25 and a current ratio of 0.34.

Sigma Lithium (NASDAQ:SGML) last posted its quarterly earnings results on Friday, August 14th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.23 by ($0.25). Sigma Lithium had a negative return on equity of 37.40% and a negative net margin of 19.36%. The company had revenue of $54.70 million for the quarter, compared to analysts’ expectations of $68.34 million. Equities analysts anticipate that Sigma Lithium Corporation will post 0.15 EPS for the current year.

Hedge Funds Weigh In On Sigma Lithium

A number of institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Sigma Lithium during the 2nd quarter worth approximately $29,727,000. Handelsbanken Fonder AB lifted its holdings in Sigma Lithium by 23.2% in the second quarter. Handelsbanken Fonder AB now owns 1,498,133 shares of the company’s stock valued at $18,951,000 after acquiring an additional 282,595 shares during the last quarter. SIR Capital Management L.P. acquired a new position in Sigma Lithium in the second quarter valued at approximately $4,754,000. Ariose Capital Management Ltd acquired a new position in Sigma Lithium in the first quarter valued at approximately $3,826,000. Finally, Bank of America Corp DE lifted its holdings in Sigma Lithium by 138.4% in the first quarter. Bank of America Corp DE now owns 288,418 shares of the company’s stock valued at $3,559,000 after acquiring an additional 167,443 shares during the last quarter. 64.86% of the stock is owned by hedge funds and other institutional investors.

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.