Van ECK Associates Corp Sells 1,424,417 Shares of Sigma Lithium Corporation $SGML

Key Points

• Van ECK Associates reduced its Sigma Lithium position by 25.1%, selling 1,424,417 shares in the second quarter and retaining 4,258,725 shares worth about $53.9 million, or 3.78% of the company.
• Institutional investors own 64.86% of Sigma Lithium, while several funds initiated or expanded positions during recent quarters.
• SGML opened at $12.26, well below its $24.48 one-year high. The company missed quarterly earnings and revenue estimates, and analyst sentiment averaged “Hold” with a consensus price target of $18.50.

Van ECK Associates Corp lessened its position in shares of Sigma Lithium Corporation (NASDAQ:SGML - Free Report) by 25.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,258,725 shares of the company's stock after selling 1,424,417 shares during the quarter. Van ECK Associates Corp owned about 3.78% of Sigma Lithium worth $53,873,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in SGML. Farther Finance Advisors LLC acquired a new stake in Sigma Lithium in the fourth quarter worth about $51,000. BTG Pactual Asset Management US LLC acquired a new position in Sigma Lithium during the 3rd quarter valued at about $71,000. Quantbot Technologies LP bought a new position in shares of Sigma Lithium in the 3rd quarter valued at about $82,000. Nebula Research & Development LLC bought a new position in shares of Sigma Lithium in the 2nd quarter valued at about $87,000. Finally, Banque Cantonale Vaudoise grew its position in shares of Sigma Lithium by 7,339.9% during the 3rd quarter. Banque Cantonale Vaudoise now owns 15,103 shares of the company's stock worth $97,000 after buying an additional 14,900 shares during the period. Institutional investors own 64.86% of the company's stock.

Sigma Lithium Price Performance

Shares of SGML opened at $12.26 on Friday. The stock has a market cap of $1.38 billion, a P/E ratio of -51.08 and a beta of 0.61. Sigma Lithium Corporation has a 1 year low of $4.61 and a 1 year high of $24.48. The stock's 50-day moving average price is $11.37 and its two-hundred day moving average price is $13.83. The company has a current ratio of 0.34, a quick ratio of 0.25 and a debt-to-equity ratio of 1.25.

Sigma Lithium (NASDAQ:SGML - Get Free Report) last announced its quarterly earnings results on Friday, August 14th. The company reported ($0.02) EPS for the quarter, missing analysts' consensus estimates of $0.23 by ($0.25). The company had revenue of $54.70 million during the quarter, compared to the consensus estimate of $68.34 million. Sigma Lithium had a negative net margin of 19.36% and a negative return on equity of 37.40%. On average, equities analysts predict that Sigma Lithium Corporation will post 0.45 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on SGML. Weiss Ratings lowered shares of Sigma Lithium from a "sell (d-)" rating to a "sell (e+)" rating in a report on Thursday, August 13th. Wall Street Zen lowered shares of Sigma Lithium from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Finally, Zacks Research cut shares of Sigma Lithium from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 19th. Three research analysts have rated the stock with a Buy rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Sigma Lithium has an average rating of "Hold" and a consensus target price of $18.50.

Sigma Lithium 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.

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