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

Sigma Lithium Corporation (NASDAQ:SGML)’s share price gapped up prior to trading on Monday . The stock had previously closed at $10.78, but opened at $11.47. Sigma Lithium shares last traded at $10.95, with a volume of 1,913,567 shares changing hands.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. BMO Capital Markets reissued an “outperform” rating and issued a $18.00 target price on shares of Sigma Lithium in a research report on Wednesday, January 14th. Citigroup lowered shares of Sigma Lithium from an “overweight” rating to an “underperform” rating in a research note on Thursday, January 8th. Zacks Research raised Sigma Lithium from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 25th. Bank of America upgraded Sigma Lithium from an “underperform” rating to a “neutral” rating and set a $14.00 price target for the company in a research note on Tuesday. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Sigma Lithium in a research report on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $17.50.

Sigma Lithium Stock Performance

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’s 50-day moving average is $12.67 and its 200 day moving average is $8.63.

Sigma Lithium (NASDAQ:SGML) last issued its quarterly earnings data on Friday, November 14th. The company reported ($0.10) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.10). The firm had revenue of $28.55 million during the quarter, compared to the consensus estimate of $70.54 million. Sigma Lithium had a negative return on equity of 35.97% and a negative net margin of 24.13%. Analysts forecast that Sigma Lithium Corporation will post -0.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Sigma Lithium

Several large investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. grew its holdings in Sigma Lithium by 9.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 113,299 shares of the company’s stock valued at $1,178,000 after buying an additional 9,748 shares during the period. Aberdeen Group plc purchased a new position in Sigma Lithium during the second quarter worth approximately $187,000. Credit Industriel ET Commercial grew its stake in shares of Sigma Lithium by 177.8% during the 2nd quarter. Credit Industriel ET Commercial now owns 250,000 shares of the company’s stock valued at $1,125,000 after buying an additional 160,000 shares during the period. Levin Capital Strategies L.P. increased its holdings in shares of Sigma Lithium by 125.0% during the 2nd quarter. Levin Capital Strategies L.P. now owns 22,500 shares of the company’s stock worth $101,000 after buying an additional 12,500 shares during the last quarter. Finally, Malaga Cove Capital LLC acquired a new stake in shares of Sigma Lithium during the 2nd quarter worth $52,000. 64.86% of the stock is currently owned by hedge funds and other 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.