Sigma Lithium (NASDAQ:SGML) Shares Down 11.1% – Time to Sell?

Shares of Sigma Lithium Corporation (NASDAQ:SGML) dropped 11.1% on Tuesday . The stock traded as low as $4.74 and last traded at $4.7650. Approximately 3,506,924 shares traded hands during mid-day trading, an increase of 71% from the average daily volume of 2,045,420 shares. The stock had previously closed at $5.36.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on SGML shares. Wall Street Zen cut shares of Sigma Lithium from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sigma Lithium in a research report on Wednesday, October 8th. Cormark raised shares of Sigma Lithium to a “moderate buy” rating in a report on Thursday, August 21st. Zacks Research cut shares of Sigma Lithium from a “hold” rating to a “strong sell” rating in a research report on Monday, October 27th. Finally, Bank of America lowered shares of Sigma Lithium from a “buy” rating to a “neutral” rating and set a $7.00 target price for the company. in a report on Friday, October 24th. One analyst has rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Sell” and an average target price of $7.00.

Sigma Lithium Price Performance

The company has a current ratio of 0.60, a quick ratio of 0.39 and a debt-to-equity ratio of 1.26. The business’s 50 day moving average price is $6.35 and its two-hundred day moving average price is $6.14. The stock has a market cap of $521.26 million, a P/E ratio of -10.64 and a beta of 0.08.

Sigma Lithium (NASDAQ:SGML) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.14). The company had revenue of $16.89 million during the quarter, compared to the consensus estimate of $50.44 million. Sigma Lithium had a negative return on equity of 47.19% and a negative net margin of 35.69%. As a group, sell-side analysts expect that Sigma Lithium Corporation will post -0.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sigma Lithium

Several hedge funds have recently made changes to their positions in SGML. Norges Bank bought a new position in Sigma Lithium in the second quarter worth $11,250,000. Woodline Partners LP grew its position in shares of Sigma Lithium by 65.6% in the 1st quarter. Woodline Partners LP now owns 2,678,444 shares of the company’s stock worth $27,856,000 after buying an additional 1,060,771 shares during the period. CenterBook Partners LP grew its position in shares of Sigma Lithium by 416.8% in the 2nd quarter. CenterBook Partners LP now owns 816,515 shares of the company’s stock worth $3,674,000 after buying an additional 658,533 shares during the period. Adage Capital Partners GP L.L.C. increased its stake in shares of Sigma Lithium by 104.5% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 900,000 shares of the company’s stock worth $4,050,000 after acquiring an additional 460,000 shares in the last quarter. Finally, Caption Management LLC increased its stake in shares of Sigma Lithium by 116.0% in the 1st quarter. Caption Management LLC now owns 58,104 shares of the company’s stock worth $604,000 after acquiring an additional 422,100 shares in the last quarter. 64.86% of the stock is currently owned by institutional investors.

About Sigma Lithium

Sigma Lithium Corporation engages in the exploration and development of lithium deposits in Brazil. It holds a 100% interest in the Grota do Cirilo, Genipapo, Santa Clara, and São José properties comprising 29 mineral rights covering an area of approximately 185 square kilometers located in the Araçuaí and Itinga regions of the state of Minas Gerais, Brazil.