Sigma Lithium (NASDAQ:SGML) Shares Gap Up – Here’s Why

Sigma Lithium Corporation (NASDAQ:SGML)’s share price gapped up prior to trading on Friday . The stock had previously closed at $9.70, but opened at $10.23. Sigma Lithium shares last traded at $10.8190, with a volume of 1,792,846 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Sigma Lithium in a report on Monday, December 29th. Citigroup lowered shares of Sigma Lithium from an “overweight” rating to an “underperform” rating in a report on Thursday, January 8th. Canaccord Genuity Group raised shares of Sigma Lithium from a “hold” rating to a “buy” rating in a research note on Friday, January 23rd. Bank of America upgraded shares of Sigma Lithium from an “underperform” rating to a “neutral” rating and set a $14.00 target price on the stock in a report on Tuesday, February 3rd. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $18.00 price target on shares of Sigma Lithium in a research report on Wednesday, January 14th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $17.50.

Sigma Lithium Stock Up 7.8%

The stock has a market capitalization of $1.17 billion, a price-to-earnings ratio of -33.74, a price-to-earnings-growth ratio of 0.27 and a beta of -0.06. The firm has a 50-day moving average of $12.38 and a 200 day moving average of $10.22. The company has a current ratio of 0.49, a quick ratio of 0.32 and a debt-to-equity ratio of 1.38.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. boosted its stake 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. Legal & General Group Plc increased its stake in Sigma Lithium by 31.8% during the 2nd quarter. Legal & General Group Plc now owns 1,305,075 shares of the company’s stock worth $5,948,000 after buying an additional 314,711 shares during the period. Norges Bank purchased a new stake in Sigma Lithium during the 2nd quarter worth $11,250,000. Invesco Ltd. lifted its holdings in Sigma Lithium by 22.2% in the 2nd quarter. Invesco Ltd. now owns 899,945 shares of the company’s stock worth $4,050,000 after buying an additional 163,335 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in Sigma Lithium in the 2nd quarter worth $560,000. 64.86% of the stock is owned by institutional investors and hedge funds.

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.