Sigma Lithium Corporation (NASDAQ:SGML) Short Interest Update

Key Points

• Short interest dropped 21.9% in April to 5,694,977 shares (about 9.9% of the stock) with a days-to-cover of 1.5, signaling reduced bearish positioning.
• Sigma Lithium missed Q1 estimates — EPS ($0.22) vs. consensus ($0.12) and revenue $16.9M vs. $52.2M — and reported negative return on equity and net margin.
• Analyst coverage is mixed with a consensus "Hold" and an average price target of $18.50, while institutional investors own roughly 64.86% of the shares.

Sigma Lithium Corporation (NASDAQ:SGML - Get Free Report) saw a significant decrease in short interest in the month of April. As of April 15th, there was short interest totaling 5,694,977 shares, a decrease of 21.9% from the March 31st total of 7,288,208 shares. Based on an average daily volume of 3,786,691 shares, the days-to-cover ratio is currently 1.5 days. Approximately 9.9% of the company's stock are short sold.

Hedge Funds Weigh In On Sigma Lithium

Several hedge funds have recently modified their holdings of SGML. Farther Finance Advisors LLC purchased a new position in shares of Sigma Lithium in the 4th quarter worth approximately $51,000. GF Fund Management CO. LTD. purchased a new stake in shares of Sigma Lithium during the fourth quarter valued at approximately $57,000. BTG Pactual Asset Management US LLC bought a new stake in Sigma Lithium during the third quarter worth $71,000. Quantbot Technologies LP bought a new stake in Sigma Lithium during the third quarter worth $82,000. Finally, Nebula Research & Development LLC purchased a new position in Sigma Lithium in the second quarter worth $87,000. Institutional investors own 64.86% of the company's stock.

Sigma Lithium Price Performance

Shares of NASDAQ:SGML opened at $20.70 on Wednesday. The company has a current ratio of 0.25, a quick ratio of 0.14 and a debt-to-equity ratio of 0.26. The stock has a market cap of $2.31 billion, a PE ratio of -45.92 and a beta of 0.04. The stock's fifty day simple moving average is $14.35 and its two-hundred day simple moving average is $11.90. Sigma Lithium has a 1-year low of $4.25 and a 1-year high of $22.32.

Sigma Lithium (NASDAQ:SGML - Get Free Report) last posted its earnings results on Monday, March 30th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.10). Sigma Lithium had a negative return on equity of 59.34% and a negative net margin of 45.64%.The firm had revenue of $16.90 million during the quarter, compared to the consensus estimate of $52.20 million. As a group, analysts forecast that Sigma Lithium will post 0.91 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Citigroup lowered shares of Sigma Lithium from an "overweight" rating to an "underperform" rating in a research note on Thursday, January 8th. Canaccord Genuity Group raised shares of Sigma Lithium from a "hold" rating to a "buy" rating in a research report on Friday, January 23rd. Bank of America upgraded shares of Sigma Lithium from a "neutral" rating to a "buy" rating and upped their target price for the stock from $14.00 to $17.00 in a report on Thursday, April 2nd. BMO Capital Markets reaffirmed an "outperform" rating and issued a $18.00 price target on shares of Sigma Lithium in a research report on Wednesday, January 14th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Sigma Lithium in a research note on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Sigma Lithium has a consensus rating of "Hold" and an average price target of $18.50.

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.

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