Sigma Lithium (NASDAQ:SGML) Trading Down 7.3% – Time to Sell?

Sigma Lithium Corporation (NASDAQ:SGML) shares fell 7.3% during trading on Wednesday . The company traded as low as $13.10 and last traded at $13.12. 517,911 shares were traded during trading, a decline of 87% from the average session volume of 4,035,267 shares. The stock had previously closed at $14.15.

Analysts Set New Price Targets

SGML has been the topic of several recent research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sigma Lithium in a report on Friday, March 27th. Zacks Research raised shares of Sigma Lithium from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 21st. Wall Street Zen raised shares of Sigma Lithium from a “hold” rating to a “buy” rating in a report on Saturday, May 23rd. Finally, Bank of America raised shares of Sigma Lithium from a “neutral” rating to a “buy” rating and increased their target price for the company from $14.00 to $17.00 in a report on Thursday, April 2nd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Sigma Lithium presently has a consensus rating of “Moderate Buy” and an average price target of $18.50.

Sigma Lithium Stock Performance

The firm has a market cap of $1.48 billion, a P/E ratio of -33.88 and a beta of 0.54. The company has a current ratio of 0.32, a quick ratio of 0.25 and a debt-to-equity ratio of 0.21. The business’s fifty day simple moving average is $17.25 and its 200-day simple moving average is $14.09.

Sigma Lithium (NASDAQ:SGML) last announced its quarterly earnings results on Friday, May 15th. The company reported $0.10 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.10. Sigma Lithium had a negative net margin of 41.84% and a negative return on equity of 57.50%. The business had revenue of $42.34 million for the quarter, compared to analyst estimates of $42.48 million. As a group, sell-side analysts expect that Sigma Lithium Corporation will post 1.15 earnings per share for the current year.

Hedge Funds Weigh In On Sigma Lithium

A number of hedge funds have recently modified their holdings of SGML. Goldman Sachs Group Inc. boosted its position in shares of Sigma Lithium by 9.4% during the first quarter. Goldman Sachs Group Inc. now owns 113,299 shares of the company’s stock worth $1,178,000 after acquiring an additional 9,748 shares during the last quarter. Invesco Ltd. boosted its position in shares of Sigma Lithium by 22.2% during the second quarter. Invesco Ltd. now owns 899,945 shares of the company’s stock worth $4,050,000 after acquiring an additional 163,335 shares during the last quarter. Marshall Wace LLP bought a new position in shares of Sigma Lithium during the second quarter worth $560,000. Jump Financial LLC bought a new position in shares of Sigma Lithium during the second quarter worth $131,000. Finally, Nebula Research & Development LLC bought a new position in shares of Sigma Lithium during the second quarter worth $87,000. 64.86% of the stock is currently owned by 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.