Sigma Lithium Corporation (NASDAQ:SGML) Short Interest Update

Key Points

• Short interest surged 47.8% to 3.21 million shares as of July 31, representing approximately 5.5% of Sigma Lithium’s outstanding shares and a 2.0-day days-to-cover ratio.
• Shares recently traded at $10.99, well below the 52-week high of $24.48. The company missed quarterly expectations, reporting a $0.02 per-share loss and $54.7 million in revenue versus the $68.34 million consensus estimate.
• Institutional investors own 64.86% of the stock, while analyst sentiment is mixed: the consensus rating is “Hold” with a target price of $18.50, alongside three Buy, one Hold and two Sell ratings.

Sigma Lithium Corporation (NASDAQ:SGML - Get Free Report) was the recipient of a large increase in short interest during the month of July. As of July 31st, there was short interest totaling 3,207,941 shares, an increase of 47.8% from the July 15th total of 2,170,606 shares. Based on an average daily volume of 1,588,765 shares, the days-to-cover ratio is presently 2.0 days. Approximately 5.5% of the shares of the company are short sold.

Sigma Lithium Price Performance

Shares of NASDAQ SGML traded down $0.43 during mid-day trading on Tuesday, reaching $10.99. 1,264,516 shares of the company were exchanged, compared to its average volume of 3,394,542. The stock has a market capitalization of $1.24 billion, a PE ratio of -45.74 and a beta of 0.61. The company has a quick ratio of 0.25, a current ratio of 0.32 and a debt-to-equity ratio of 0.21. Sigma Lithium has a 52 week low of $4.61 and a 52 week high of $24.48. The company's 50 day moving average price is $11.85 and its 200 day moving average price is $13.85.

Sigma Lithium (NASDAQ:SGML - Get Free Report) last released its earnings results on Friday, August 14th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.23 by ($0.25). The business had revenue of $54.70 million for 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 38.89%. Sell-side analysts forecast that Sigma Lithium will post 1.15 earnings per share for the current fiscal year.

Institutional Trading of Sigma Lithium

Institutional investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio purchased a new stake in Sigma Lithium in the second quarter worth $128,000. Capstone Investment Advisors LLC bought a new stake in shares of Sigma Lithium during the second quarter valued at approximately $406,000. Bank of America Corp DE purchased a new stake in Sigma Lithium in the second quarter worth $802,000. Man Group plc bought a new position in Sigma Lithium in the second quarter worth $295,000. Finally, SIR Capital Management L.P. bought a new position in Sigma Lithium in the second quarter worth $4,754,000. 64.86% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on SGML shares. Wall Street Zen lowered shares of Sigma Lithium from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Zacks Research lowered Sigma Lithium from a "strong-buy" rating to a "hold" rating in a report on Monday, July 20th. Finally, Weiss Ratings downgraded Sigma Lithium from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Thursday. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price 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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