Sigma Lithium (NASDAQ:SGML) Shares Gap Up – Should You Buy?

Sigma Lithium Corporation (NASDAQ:SGML) gapped up prior to trading on Monday . The stock had previously closed at $14.85, but opened at $15.38. Sigma Lithium shares last traded at $16.1540, with a volume of 1,905,278 shares changing hands.

Analyst Upgrades and Downgrades

SGML has been the topic of a number of recent analyst reports. Wall Street Zen upgraded shares of Sigma Lithium from a “sell” rating to a “hold” rating in a report on Saturday, April 4th. Canaccord Genuity Group raised shares of Sigma Lithium from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Bank of America upgraded shares of Sigma Lithium from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $14.00 to $17.00 in a research note on Thursday, April 2nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sigma Lithium in a report on Friday, March 27th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $18.00 target price on shares of Sigma Lithium in a research note on Wednesday, January 14th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $18.50.

Sigma Lithium Trading Up 1.0%

The company has a market cap of $1.96 billion, a price-to-earnings ratio of -39.04 and a beta of 0.04. The company has a current ratio of 0.25, a quick ratio of 0.14 and a debt-to-equity ratio of 0.26. The business’s 50 day moving average price is $12.78 and its 200-day moving average price is $10.95.

Sigma Lithium (NASDAQ:SGML) last announced its quarterly earnings results on Monday, March 30th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.10). The company had revenue of $16.90 million during the quarter, compared to analyst estimates of $52.20 million. Sigma Lithium had a negative net margin of 45.64% and a negative return on equity of 59.34%. On average, equities analysts anticipate that Sigma Lithium Corporation will post -0.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Sigma Lithium

Large investors have recently made changes to their positions in the company. BNP Paribas Financial Markets lifted its holdings 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 purchasing an additional 3,005 shares during the last quarter. Farther Finance Advisors LLC acquired a new position in Sigma Lithium in the 4th quarter valued at $51,000. Virtu Financial LLC grew its holdings in Sigma Lithium by 26.6% in the 3rd quarter. Virtu Financial LLC now owns 20,053 shares of the company’s stock valued at $129,000 after buying an additional 4,210 shares in the last quarter. GF Fund Management CO. LTD. bought a new position in Sigma Lithium during the 4th quarter worth $57,000. Finally, Millennium Management LLC increased its position in Sigma Lithium by 6.4% during the 3rd quarter. Millennium Management LLC now owns 81,543 shares of the company’s stock worth $520,000 after buying an additional 4,909 shares during the period. Institutional investors own 64.86% of the company’s stock.

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.