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

Sigma Lithium Corporation (NASDAQ:SGML) gapped up prior to trading on Tuesday . The stock had previously closed at $11.89, but opened at $12.44. Sigma Lithium shares last traded at $12.7280, with a volume of 268,583 shares trading hands.

Analysts Set New Price Targets

SGML has been the topic of a number of recent research reports. Zacks Research upgraded shares of Sigma Lithium from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 21st. Weiss Ratings restated a “sell (e+)” rating on shares of Sigma Lithium in a report on Wednesday, June 24th. Wall Street Zen raised Sigma Lithium from a “hold” rating to a “buy” rating in a research report on Sunday, June 21st. Finally, Bank of America raised Sigma Lithium from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $14.00 to $17.00 in a report on Thursday, April 2nd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $18.50.

Sigma Lithium Stock Performance

The company’s 50-day moving average price is $16.83 and its two-hundred day moving average price is $14.40. The company has a market capitalization of $1.43 billion, a price-to-earnings ratio of -32.80 and a beta of 0.54. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.32 and a quick ratio of 0.25.

Sigma Lithium (NASDAQ:SGML) last released its earnings results on Friday, May 15th. The company reported $0.10 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.10. The business had revenue of $42.34 million for the quarter, compared to analyst estimates of $42.48 million. Sigma Lithium had a negative net margin of 41.84% and a negative return on equity of 57.50%. On average, equities research analysts anticipate that Sigma Lithium Corporation will post 1.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Goldman Sachs Group Inc. boosted its position in shares of Sigma Lithium by 9.4% during the 1st 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 in the last quarter. Invesco Ltd. increased its holdings in Sigma Lithium by 22.2% in the second quarter. Invesco Ltd. now owns 899,945 shares of the company’s stock worth $4,050,000 after purchasing an additional 163,335 shares in the last quarter. Marshall Wace LLP acquired a new position in Sigma Lithium in the second quarter valued at approximately $560,000. Jump Financial LLC acquired a new position in Sigma Lithium in the second quarter valued at approximately $131,000. Finally, Nebula Research & Development LLC bought a new position in shares of Sigma Lithium during the 2nd quarter worth approximately $87,000. 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.