Sigma Lithium (NASDAQ:SGML) Sees Strong Trading Volume – Time to Buy?

Sigma Lithium Corporation (NASDAQ:SGML) saw strong trading volume on Monday . 9,497,620 shares changed hands during trading, an increase of 135% from the previous session’s volume of 4,047,589 shares.The stock last traded at $13.0580 and had previously closed at $10.46.

Analyst Ratings Changes

A number of research analysts have recently issued reports on SGML shares. Bank of America upgraded Sigma Lithium from an “underperform” rating to a “neutral” rating and set a $14.00 price target on the stock in a report on Tuesday, February 3rd. Citigroup downgraded Sigma Lithium from an “overweight” rating to an “underperform” rating in a research report on Thursday, January 8th. 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. Canaccord Genuity Group upgraded shares of Sigma Lithium from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Sigma Lithium in a research report on Friday. Two 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. According to MarketBeat.com, Sigma Lithium presently has an average rating of “Hold” and an average price target of $17.50.

Sigma Lithium Stock Up 13.4%

The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of -38.10, a P/E/G ratio of 0.27 and a beta of -0.06. 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 company’s 50 day moving average price is $12.38 and its 200 day moving average price is $10.26.

Institutional Investors Weigh In On Sigma Lithium

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp lifted its holdings in shares of Sigma Lithium by 142.8% in the 3rd quarter. Van ECK Associates Corp now owns 4,606,668 shares of the company’s stock valued at $29,529,000 after buying an additional 2,709,397 shares during the period. Woodline Partners LP grew its holdings in Sigma Lithium by 26.6% during the third quarter. Woodline Partners LP now owns 2,964,909 shares of the company’s stock worth $19,005,000 after acquiring an additional 623,832 shares during the period. Legal & General Group Plc grew its holdings in Sigma Lithium by 101.7% during the fourth quarter. Legal & General Group Plc now owns 2,647,004 shares of the company’s stock worth $34,911,000 after acquiring an additional 1,334,772 shares during the period. Norges Bank purchased a new position in Sigma Lithium during the second quarter valued at approximately $11,250,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Sigma Lithium by 24.9% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,550,713 shares of the company’s stock valued at $7,091,000 after acquiring an additional 309,338 shares during the period. 64.86% of the stock is owned by institutional investors and hedge funds.

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.