Sigma Lithium (NASDAQ:SGML) Shares Gap Up - Time to Buy?

Key Points

• Sigma Lithium shares opened at $8.00 after closing at $7.57, but last traded at $7.46 with a volume of 800,553 shares.
• Analysts have mixed ratings on Sigma Lithium, with one rating it a buy and another a sell, resulting in an average rating of "Hold" and a consensus price target of $12.00.
• The company's recent earnings report revealed a loss of ($0.17) per share, significantly missing the estimate of ($0.03), while revenue was $16.89 million against an expectation of $50.44 million.

Shares of Sigma Lithium Corporation (NASDAQ:SGML - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $7.57, but opened at $8.00. Sigma Lithium shares last traded at $7.46, with a volume of 800,553 shares.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Wall Street Zen lowered shares of Sigma Lithium from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Sigma Lithium in a report on Saturday, September 27th. Bank of America started coverage on Sigma Lithium in a research report on Tuesday, August 26th. They set a "buy" rating and a $12.00 target price for the company. Finally, Cormark upgraded Sigma Lithium to a "moderate buy" rating in a research report on Thursday, August 21st. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Sigma Lithium presently has an average rating of "Hold" and a consensus price target of $12.00.

Sigma Lithium Stock Down 2.8%

The company has a fifty day moving average price of $6.11 and a 200-day moving average price of $6.55. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.39 and a current ratio of 0.60. The firm has a market capitalization of $818.69 million, a PE ratio of -16.80 and a beta of 0.08.

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

Hedge Funds Weigh In On Sigma Lithium

Several hedge funds have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC lifted its stake in Sigma Lithium by 67.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 74,425 shares of the company's stock worth $774,000 after purchasing an additional 30,075 shares during the last quarter. Amundi purchased a new stake in shares of Sigma Lithium in the first quarter worth approximately $2,478,000. Woodline Partners LP lifted its stake in shares of Sigma Lithium by 65.6% during the 1st quarter. Woodline Partners LP now owns 2,678,444 shares of the company's stock worth $27,856,000 after acquiring an additional 1,060,771 shares during the last quarter. Nuveen LLC purchased a new position in Sigma Lithium during the 1st quarter valued at $550,000. Finally, American Century Companies Inc. grew its position in Sigma Lithium by 133.1% in the 1st quarter. American Century Companies Inc. now owns 84,723 shares of the company's stock valued at $881,000 after acquiring an additional 48,381 shares during the last quarter. 64.86% of the stock is currently owned by institutional investors.

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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