Sigma Lithium (NASDAQ:SGML) Shares Gap Up – Still a Buy?

Sigma Lithium Corporation (NASDAQ:SGML) gapped up before the market opened on Wednesday . The stock had previously closed at $11.59, but opened at $12.61. Sigma Lithium shares last traded at $12.74, with a volume of 950,058 shares traded.

Wall Street Analysts Forecast Growth

SGML has been the topic of several recent analyst reports. BMO Capital Markets reiterated an “outperform” rating and issued a $18.00 price target on shares of Sigma Lithium in a research note on Wednesday, January 14th. Bank of America raised shares of Sigma Lithium from an “underperform” rating to a “neutral” rating and set a $14.00 price target for the company in a research report on Tuesday, February 3rd. Weiss Ratings restated a “sell (e+)” rating on shares of Sigma Lithium in a research note on Monday, December 29th. Zacks Research raised Sigma Lithium from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 25th. Finally, Citigroup lowered Sigma Lithium from an “overweight” rating to an “underperform” rating in a research report on Thursday, January 8th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Sigma Lithium currently has a consensus rating of “Hold” and a consensus price target of $17.50.

Sigma Lithium Stock Performance

The company has a 50-day moving average price of $12.95 and a 200-day moving average price of $8.88. The company has a quick ratio of 0.32, a current ratio of 0.49 and a debt-to-equity ratio of 1.38. The firm has a market capitalization of $1.49 billion and a price-to-earnings ratio of -43.06.

Sigma Lithium (NASDAQ:SGML) last posted its quarterly earnings data on Friday, November 14th. 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 24.13% and a negative return on equity of 35.97%. The business had revenue of $28.55 million during the quarter, compared to the consensus estimate of $70.54 million. As a group, equities research analysts forecast that Sigma Lithium Corporation will post -0.12 earnings per share for the current year.

Institutional Trading of Sigma Lithium

Hedge funds and other institutional investors have recently made changes to their positions in the business. Farther Finance Advisors LLC bought a new stake in Sigma Lithium during the fourth quarter worth approximately $51,000. Malaga Cove Capital LLC acquired a new stake in shares of Sigma Lithium during the second quarter worth $52,000. GF Fund Management CO. LTD. purchased a new stake in shares of Sigma Lithium during the fourth quarter valued at $57,000. BTG Pactual Asset Management US LLC acquired a new position in shares of Sigma Lithium in the 3rd quarter valued at $71,000. Finally, Quantbot Technologies LP acquired a new stake in Sigma Lithium during the 3rd quarter worth about $82,000. 64.86% of the stock is currently owned by institutional investors.

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.