Sigma Lithium (NASDAQ:SGML) Shares Down 8% – Should You Sell?

Sigma Lithium Corporation (NASDAQ:SGML)’s stock price was down 8% on Thursday . The stock traded as low as $11.87 and last traded at $11.9190. Approximately 557,208 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 4,279,378 shares. The stock had previously closed at $12.96.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on SGML shares. Citigroup downgraded shares of Sigma Lithium from an “overweight” rating to an “underperform” rating in a research note on Thursday, January 8th. Bank of America upgraded Sigma Lithium from an “underperform” rating to a “neutral” rating and set a $14.00 target price for the company in a research note on Tuesday, February 3rd. Canaccord Genuity Group raised Sigma Lithium from a “hold” rating to a “buy” rating in a research note on Friday, January 23rd. Weiss Ratings reissued a “sell (e+)” rating on shares of Sigma Lithium in a research note on Monday, December 29th. Finally, BMO Capital Markets restated an “outperform” rating and set a $18.00 price objective on shares of Sigma Lithium in a report on Wednesday, January 14th. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $17.50.

Sigma Lithium Trading Down 7.6%

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 price is $13.35 and its 200 day moving average price is $9.86. The company has a market capitalization of $1.33 billion, a P/E ratio of -38.61, a P/E/G ratio of 0.35 and a beta of -0.06.

Institutional Trading of Sigma Lithium

Institutional investors and hedge funds have recently modified their holdings of the stock. Farther Finance Advisors LLC bought a new position in shares of Sigma Lithium in the fourth quarter valued at approximately $51,000. GF Fund Management CO. LTD. purchased a new stake in Sigma Lithium in the 4th quarter valued at $57,000. BTG Pactual Asset Management US LLC bought a new position in Sigma Lithium during the 3rd quarter valued at $71,000. Quantbot Technologies LP purchased a new position in Sigma Lithium during the 3rd quarter worth $82,000. Finally, Hunting Hill Global Capital LLC purchased a new position in Sigma Lithium during the 2nd quarter worth $86,000. 64.86% of the stock is owned by hedge funds and other institutional investors.

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.