Sigma Lithium Corporation (NASDAQ:SGML) Sees Large Drop in Short Interest

Sigma Lithium Corporation (NASDAQ:SGML) saw a significant decrease in short interest in the month of February. As of February 27th, there was short interest totaling 8,197,736 shares, a decrease of 14.1% from the February 12th total of 9,543,463 shares. Currently, 14.3% of the company’s stock are sold short. Based on an average daily trading volume, of 3,943,413 shares, the short-interest ratio is presently 2.1 days. Based on an average daily trading volume, of 3,943,413 shares, the short-interest ratio is presently 2.1 days. Currently, 14.3% of the company’s stock are sold short.

Sigma Lithium Trading Up 2.4%

NASDAQ SGML opened at $11.61 on Wednesday. The company has a market cap of $1.29 billion, a PE ratio of -37.45, a PEG ratio of 0.25 and a beta of -0.06. Sigma Lithium has a 12 month low of $4.25 and a 12 month high of $16.88. The stock has a 50 day moving average of $13.09 and a 200-day moving average of $10.03. The company has a current ratio of 0.49, a quick ratio of 0.32 and a debt-to-equity ratio of 1.38.

Institutional Investors Weigh In On Sigma Lithium

A number of institutional investors and hedge funds have recently modified their holdings of the company. Farther Finance Advisors LLC bought a new position in Sigma Lithium during the fourth quarter worth about $51,000. GF Fund Management CO. LTD. acquired a new stake in shares of Sigma Lithium in the fourth quarter valued at approximately $57,000. Deutsche Bank AG acquired a new stake in shares of Sigma Lithium in the fourth quarter valued at approximately $101,000. BTG Pactual Asset Management US LLC bought a new position in shares of Sigma Lithium during the 3rd quarter worth approximately $71,000. Finally, Quantbot Technologies LP acquired a new position in shares of Sigma Lithium during the 3rd quarter worth approximately $82,000. 64.86% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sigma Lithium in a research report on Monday, December 29th. Zacks Research upgraded shares of Sigma Lithium from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 25th. Bank of America raised shares of Sigma Lithium from an “underperform” rating to a “neutral” rating and set a $14.00 price objective on the stock in a research report on Tuesday, February 3rd. BMO Capital Markets reaffirmed an “outperform” rating and issued a $18.00 target price on shares of Sigma Lithium in a research report on Wednesday, January 14th. Finally, Citigroup lowered shares of Sigma Lithium from an “overweight” rating to an “underperform” rating in a research note on Thursday, January 8th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $17.50.

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.