Sigma Lithium (NASDAQ:SGML) Stock Price Down 8.9% - Time to Sell?

Key Points

• Sigma Lithium's shares dropped by 8.9% to $5.97, well below the previous closing price of $6.55, with trading volume down 19% compared to the average.
• Wall Street Zen has recently changed Sigma Lithium's rating from "sell" to "hold," reflecting a cautious but stable outlook for investors.
• Institutional investors currently own 64.86% of Sigma Lithium's stock, with significant stakes being increased by major firms such as JPMorgan Chase & Co. and Norges Bank.

Sigma Lithium Corporation (NASDAQ:SGML - Get Free Report) shares traded down 8.9% during mid-day trading on Tuesday . The company traded as low as $5.99 and last traded at $5.97. 976,992 shares were traded during mid-day trading, a decline of 19% from the average session volume of 1,213,639 shares. The stock had previously closed at $6.55.

Analysts Set New Price Targets

Separately, Wall Street Zen raised Sigma Lithium from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd.

Sigma Lithium Price Performance

The stock has a market cap of $565.30 million, a price-to-earnings ratio of -13.73 and a beta of 0.07. The stock has a fifty day simple moving average of $5.44 and a 200-day simple moving average of $8.27. The company has a current ratio of 0.85, a quick ratio of 0.67 and a debt-to-equity ratio of 1.08.

Institutional Trading of Sigma Lithium

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SGML. Norges Bank acquired a new stake in Sigma Lithium in the 4th quarter valued at approximately $28,050,000. Bamco Inc. NY bought a new stake in shares of Sigma Lithium in the 4th quarter worth approximately $13,539,000. Woodline Partners LP lifted its position in shares of Sigma Lithium by 65.6% in 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 period. Invesco Ltd. lifted its position in shares of Sigma Lithium by 171.3% in the 4th quarter. Invesco Ltd. now owns 1,088,992 shares of the company's stock worth $12,218,000 after acquiring an additional 687,639 shares during the period. Finally, Appian Way Asset Management LP lifted its position in shares of Sigma Lithium by 15.2% in the 4th quarter. Appian Way Asset Management LP now owns 4,712,425 shares of the company's stock worth $52,873,000 after acquiring an additional 620,024 shares during the period. Institutional investors and hedge funds own 64.86% of the company's stock.

Sigma Lithium Company Profile

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.