Sigma Lithium (NASDAQ:SGML) Shares Gap Up - Here's What Happened

Key Points

• Sigma Lithium's stock experienced a gap-up opening from $6.10 to $6.40 on Wednesday, trading at approximately $6.59, with a significant volume of 744,110 shares.
• Analysts are divided on Sigma Lithium's potential, with one upgrading it to a "moderate buy," while another downgraded it to a "sell"; the average price target currently stands at $12.00.
• The company reported a loss of $0.17 earnings per share for the last quarter, missing estimates and leading to a predicted EPS of -0.12 for the current year.

Sigma Lithium Corporation (NASDAQ:SGML - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $6.10, but opened at $6.40. Sigma Lithium shares last traded at $6.59, with a volume of 744,110 shares traded.

Analyst Ratings Changes

Several analysts have commented on SGML shares. Cormark upgraded Sigma Lithium to a "moderate buy" rating in a report on Thursday, August 21st. Wall Street Zen downgraded shares of Sigma Lithium from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Finally, Bank of America began coverage on shares of Sigma Lithium in a research note on Tuesday, August 26th. They set a "buy" rating and a $12.00 price target on the stock. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Sigma Lithium currently has an average rating of "Buy" and an average price target of $12.00.

Sigma Lithium Price Performance

The stock has a market capitalization of $724.63 million, a P/E ratio of -14.77 and a beta of 0.09. The company has a 50 day moving average of $6.07 and a 200-day moving average of $6.86. The company has a quick ratio of 0.39, a current ratio of 0.60 and a debt-to-equity ratio of 1.26.

Sigma Lithium (NASDAQ:SGML - Get Free Report) last issued its earnings results on Thursday, August 14th. The company reported ($0.17) earnings per share for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.14). The business had revenue of $16.89 million for the quarter, compared to analyst estimates of $50.44 million. Sigma Lithium had a negative return on equity of 47.19% and a negative net margin of 35.69%. Sell-side analysts predict that Sigma Lithium Corporation will post -0.12 EPS for the current year.

Institutional Investors Weigh In On Sigma Lithium

Several large investors have recently added to or reduced their stakes in SGML. Malaga Cove Capital LLC bought a new stake in Sigma Lithium in the second quarter valued at $52,000. Hunting Hill Global Capital LLC acquired a new position in Sigma Lithium during the 2nd quarter valued at about $86,000. Nebula Research & Development LLC bought a new position in Sigma Lithium in the 2nd quarter worth about $87,000. BNP Paribas Financial Markets increased its stake in shares of Sigma Lithium by 15.9% in the second quarter. BNP Paribas Financial Markets now owns 21,897 shares of the company's stock valued at $99,000 after purchasing an additional 3,005 shares during the period. Finally, Levin Capital Strategies L.P. raised its holdings in shares of Sigma Lithium by 125.0% during the second quarter. Levin Capital Strategies L.P. now owns 22,500 shares of the company's stock valued at $101,000 after buying an additional 12,500 shares during the last quarter. 64.86% of the stock is owned by institutional investors and hedge funds.

About Sigma Lithium

Sigma Lithium Corporation engages in the exploration and development of lithium deposits in Brazil. It holds a 100% interest in the Grota do Cirilo, Genipapo, Santa Clara, and São José properties comprising 29 mineral rights covering an area of approximately 185 square kilometers located in the Araçuaí and Itinga regions of the state of Minas Gerais, Brazil.

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