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

Sigma Lithium Corporation (NASDAQ:SGML)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $15.66, but opened at $14.72. Sigma Lithium shares last traded at $13.6960, with a volume of 2,261,316 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sigma Lithium in a report on Monday, December 29th. Citigroup cut Sigma Lithium from an “overweight” rating to an “underperform” rating in a report on Thursday. Zacks Research upgraded shares of Sigma Lithium from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 25th. Finally, Bank of America reiterated an “underperform” rating and issued a $13.00 price target (up previously from $11.00) on shares of Sigma Lithium in a research note on Thursday. One investment analyst has rated the stock with a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Sigma Lithium presently has a consensus rating of “Strong Sell” and a consensus target price of $13.00.

Sigma Lithium Stock Down 14.9%

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 has a market capitalization of $1.48 billion and a price-to-earnings ratio of -43.07. The business’s 50-day moving average is $10.24 and its 200-day moving average is $7.51.

Sigma Lithium (NASDAQ:SGML) last released its earnings results on Friday, November 14th. The company reported ($0.10) EPS for the quarter, hitting analysts’ consensus estimates of ($0.10). Sigma Lithium had a negative net margin of 24.13% and a negative return on equity of 35.97%. The business had revenue of $28.55 million during the quarter, compared to analysts’ expectations of $70.54 million. As a group, equities analysts predict that Sigma Lithium Corporation will post -0.12 earnings per share for the current year.

Hedge Funds Weigh In On Sigma Lithium

Hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Financial Markets grew its holdings in shares of Sigma Lithium by 15.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 21,897 shares of the company’s stock worth $99,000 after acquiring an additional 3,005 shares during the period. Virtu Financial LLC raised its position in Sigma Lithium by 26.6% in the third quarter. Virtu Financial LLC now owns 20,053 shares of the company’s stock valued at $129,000 after purchasing an additional 4,210 shares during the period. Electron Capital Partners LLC boosted its stake in shares of Sigma Lithium by 0.4% in the second quarter. Electron Capital Partners LLC now owns 1,067,947 shares of the company’s stock valued at $4,806,000 after purchasing an additional 4,557 shares during the period. Millennium Management LLC boosted its stake in shares of Sigma Lithium by 6.4% during the 3rd quarter. Millennium Management LLC now owns 81,543 shares of the company’s stock valued at $520,000 after buying an additional 4,909 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in Sigma Lithium by 0.5% in the third quarter. Legal & General Group Plc now owns 1,312,232 shares of the company’s stock worth $8,416,000 after purchasing an additional 7,157 shares during the period. 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.