Sigma Lithium Corporation (NASDAQ:SGML) Short Interest Down 42.1% in April

Sigma Lithium Corporation (NASDAQ:SGML) was the recipient of a large decrease in short interest during the month of April. As of April 30th, there was short interest totaling 3,298,340 shares, a decrease of 42.1% from the April 15th total of 5,694,977 shares. Currently, 5.8% of the shares of the company are sold short. Based on an average daily volume of 3,787,559 shares, the days-to-cover ratio is presently 0.9 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets lifted its position in Sigma Lithium by 15.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 21,897 shares of the company’s stock worth $99,000 after buying an additional 3,005 shares in the last quarter. Banque Cantonale Vaudoise lifted its position in Sigma Lithium by 6.8% during the 1st quarter. Banque Cantonale Vaudoise now owns 55,143 shares of the company’s stock worth $679,000 after buying an additional 3,489 shares in the last quarter. Farther Finance Advisors LLC acquired a new position in Sigma Lithium during the 4th quarter worth about $51,000. Virtu Financial LLC lifted its position in Sigma Lithium by 26.6% during the 3rd quarter. Virtu Financial LLC now owns 20,053 shares of the company’s stock worth $129,000 after buying an additional 4,210 shares in the last quarter. Finally, GF Fund Management CO. LTD. acquired a new position in Sigma Lithium during the 4th quarter worth about $57,000. Institutional investors and hedge funds own 64.86% of the company’s stock.

Sigma Lithium Price Performance

Shares of SGML traded down $1.04 during trading hours on Friday, hitting $16.82. The stock had a trading volume of 9,246,523 shares, compared to its average volume of 3,361,228. The company’s fifty day moving average is $15.91 and its two-hundred day moving average is $12.97. 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 has a 52 week low of $4.25 and a 52 week high of $24.48. The stock has a market capitalization of $1.87 billion, a price-to-earnings ratio of -43.13 and a beta of 0.64.

Sigma Lithium (NASDAQ:SGML) last posted 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 net margin of 45.64% and a negative return on equity of 59.34%. The business had revenue of $42.34 million for the quarter, compared to analyst estimates of $39.91 million. On average, analysts anticipate that Sigma Lithium will post 0.92 EPS for the current year.

Analyst Ratings Changes

SGML has been the topic of several analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Sigma Lithium in a report on Friday, March 27th. Wall Street Zen raised shares of Sigma Lithium from a “sell” rating to a “hold” rating in a report on Saturday, April 4th. Bank of America raised shares of Sigma Lithium from a “neutral” rating to a “buy” rating and boosted their price target for the company from $14.00 to $17.00 in a report on Thursday, April 2nd. Finally, Canaccord Genuity Group raised shares of Sigma Lithium from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. 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.com, the company presently has an average rating of “Hold” and an average 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.