Sigma Lithium (NASDAQ:SGML) Sets New 52-Week High – Still a Buy?

Sigma Lithium Corporation (NASDAQ:SGML) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $16.88 and last traded at $15.6450, with a volume of 7231037 shares changing hands. The stock had previously closed at $12.60.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SGML. Citigroup lowered Sigma Lithium from an “overweight” rating to an “underperform” rating in a research report on Thursday, January 8th. Bank of America upgraded shares of 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. Weiss Ratings restated a “sell (e+)” rating on shares of Sigma Lithium in a report on Monday, December 29th. 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, Canaccord Genuity Group upgraded Sigma Lithium from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Sigma Lithium presently has an average rating of “Hold” and a consensus price target of $17.50.

Sigma Lithium Stock Performance

The company has a market capitalization of $1.64 billion and a PE ratio of -47.52. The business’s 50-day moving average is $13.22 and its 200-day moving average is $9.31. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.32 and a current ratio of 0.49.

Institutional Trading of Sigma Lithium

Several hedge funds and other institutional investors have recently made changes to their positions in SGML. Waratah Capital Advisors Ltd. lifted its holdings in shares of Sigma Lithium by 93.0% during the 2nd quarter. Waratah Capital Advisors Ltd. now owns 227,330 shares of the company’s stock valued at $1,023,000 after buying an additional 109,530 shares during the period. CenterBook Partners LP increased its position in shares of Sigma Lithium by 416.8% during the 2nd quarter. CenterBook Partners LP now owns 816,515 shares of the company’s stock valued at $3,674,000 after purchasing an additional 658,533 shares during the last quarter. Monaco Asset Management SAM purchased a new position in shares of Sigma Lithium in the second quarter worth approximately $225,000. Old West Investment Management LLC grew its position in Sigma Lithium by 1,163.3% during the third quarter. Old West Investment Management LLC now owns 651,892 shares of the company’s stock valued at $4,179,000 after buying an additional 600,291 shares during the period. Finally, Credit Industriel ET Commercial increased its holdings in Sigma Lithium by 177.8% during the second 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 last quarter. Hedge funds and other institutional investors own 64.86% of the company’s stock.

Sigma Lithium Company Profile

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.