Sigma Lithium (NASDAQ:SGML) Stock Price Up 7.6% – Here’s What Happened

Sigma Lithium Co. (NASDAQ:SGML) shares rose 7.6% during trading on Wednesday . The stock traded as high as $14.75 and last traded at $14.62. Approximately 519,175 shares were traded during trading, a decline of 49% from the average daily volume of 1,008,970 shares. The stock had previously closed at $13.59.

Wall Street Analysts Forecast Growth

Separately, BMO Capital Markets lowered their price objective on Sigma Lithium from $25.00 to $20.00 and set an “outperform” rating for the company in a research report on Monday, August 19th.

Sigma Lithium Price Performance

The stock’s 50 day simple moving average is $12.72 and its 200-day simple moving average is $12.83. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.96 and a current ratio of 1.05. The firm has a market cap of $1.46 billion, a price-to-earnings ratio of 146.11 and a beta of 0.16.

Sigma Lithium (NASDAQ:SGML) last issued its earnings results on Thursday, August 15th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.23). The firm had revenue of $45.94 million during the quarter, compared to analysts’ expectations of $69.70 million. Sigma Lithium had a return on equity of 6.18% and a net margin of 4.28%. Equities research analysts anticipate that Sigma Lithium Co. will post 0.05 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Point72 DIFC Ltd purchased a new position in Sigma Lithium during the second quarter valued at approximately $48,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Sigma Lithium during the second quarter valued at $107,000. Tidal Investments LLC raised its position in shares of Sigma Lithium by 65.9% in the first quarter. Tidal Investments LLC now owns 44,241 shares of the company’s stock worth $573,000 after acquiring an additional 17,566 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Sigma Lithium during the 2nd quarter worth about $672,000. Finally, Perpetual Ltd acquired a new stake in shares of Sigma Lithium during the 3rd quarter valued at about $2,096,000. Hedge funds and other institutional investors own 64.86% of the company’s stock.

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.