Short Interest in Sigma Lithium Corporation (NASDAQ:SGML) Drops By 21.9%

Sigma Lithium Corporation (NASDAQ:SGML) was the recipient of a significant decline in short interest during the month of April. As of April 15th, there was short interest totaling 5,694,977 shares, a decline of 21.9% from the March 31st total of 7,288,208 shares. Currently, 9.9% of the shares of the stock are short sold. Based on an average daily volume of 3,786,691 shares, the days-to-cover ratio is currently 1.5 days.

Institutional Investors Weigh In On Sigma Lithium

A number of hedge funds and other institutional investors have recently made changes to their positions in SGML. Goldman Sachs Group Inc. grew its position in shares of Sigma Lithium by 9.4% in the first quarter. Goldman Sachs Group Inc. now owns 113,299 shares of the company’s stock valued at $1,178,000 after purchasing an additional 9,748 shares during the period. Invesco Ltd. grew its position in shares of Sigma Lithium by 22.2% in the second quarter. Invesco Ltd. now owns 899,945 shares of the company’s stock valued at $4,050,000 after purchasing an additional 163,335 shares during the period. Marshall Wace LLP purchased a new stake in shares of Sigma Lithium in the second quarter valued at $560,000. Jump Financial LLC purchased a new stake in shares of Sigma Lithium in the second quarter valued at $131,000. Finally, Nebula Research & Development LLC purchased a new stake in shares of Sigma Lithium in the second quarter valued at $87,000. Hedge funds and other institutional investors own 64.86% of the company’s stock.

Sigma Lithium Price Performance

Shares of NASDAQ SGML traded down $0.16 during trading on Friday, reaching $21.91. The company had a trading volume of 1,392,520 shares, compared to its average volume of 4,198,931. Sigma Lithium has a twelve month low of $4.25 and a twelve month high of $22.76. The stock has a market capitalization of $2.44 billion, a PE ratio of -48.62 and a beta of 0.04. The stock has a 50-day moving average price of $14.68 and a two-hundred day moving average price of $12.04. The company has a current ratio of 0.25, a quick ratio of 0.14 and a debt-to-equity ratio of 0.26.

Sigma Lithium (NASDAQ:SGML) last announced 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 analysts’ expectations of $52.20 million. Sigma Lithium had a negative net margin of 45.64% and a negative return on equity of 59.34%. As a group, sell-side analysts predict that Sigma Lithium will post 0.91 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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