Sigma Lithium (NASDAQ:SGML) Stock Price Up 7.4%

Sigma Lithium Co. (NASDAQ:SGML)’s share price traded up 7.4% on Thursday . The company traded as high as $9.62 and last traded at $9.52. 128,120 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 1,064,707 shares. The stock had previously closed at $8.86.

Analyst Ratings Changes

Separately, Bank of America boosted their price objective on Sigma Lithium from $25.00 to $29.00 and gave the stock a “buy” rating in a research note on Monday, May 20th.

Sigma Lithium Stock Performance

The firm’s 50 day simple moving average is $11.70 and its 200-day simple moving average is $13.80. The company has a market cap of $1.06 billion, a price-to-earnings ratio of -73.08 and a beta of 0.17. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.98 and a current ratio of 1.07.

Sigma Lithium (NASDAQ:SGML) last posted its quarterly earnings results on Wednesday, May 15th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.07). The company had revenue of $37.39 million for the quarter, compared to analysts’ expectations of $57.79 million. On average, sell-side analysts predict that Sigma Lithium Co. will post 0.41 EPS for the current year.

Institutional Investors Weigh In On Sigma Lithium

Several hedge funds and other institutional investors have recently made changes to their positions in SGML. Millennium Management LLC grew its holdings in Sigma Lithium by 16.9% in the 2nd quarter. Millennium Management LLC now owns 1,243,579 shares of the company’s stock valued at $14,960,000 after buying an additional 179,355 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Sigma Lithium during the 2nd quarter valued at about $107,000. Appian Way Asset Management LP grew its holdings in shares of Sigma Lithium by 14.7% in the second quarter. Appian Way Asset Management LP now owns 2,604,136 shares of the company’s stock valued at $31,328,000 after purchasing an additional 334,034 shares during the period. Point72 DIFC Ltd acquired a new stake in Sigma Lithium during the second quarter worth about $48,000. Finally, Fourth Sail Capital LP raised its stake in Sigma Lithium by 1,572.2% during the second quarter. Fourth Sail Capital LP now owns 3,134,797 shares of the company’s stock worth $37,712,000 after purchasing an additional 2,947,331 shares during the period. Institutional investors and hedge funds 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.