Sigma Lithium (NASDAQ:SGML) Stock Price Down 6.2%

Sigma Lithium Co. (NASDAQ:SGML) shares dropped 6.2% during mid-day trading on Wednesday . The stock traded as low as $11.71 and last traded at $11.71. Approximately 656,537 shares traded hands during mid-day trading, a decline of 38% from the average daily volume of 1,051,794 shares. The stock had previously closed at $12.49.

Wall Street Analysts Forecast Growth

Separately, BMO Capital Markets cut their price objective on shares of 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 Stock Down 5.2 %

The firm has a fifty day moving average price of $10.52 and a 200 day moving average price of $12.87. The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of -90.08 and a beta of 0.16. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.96 and a current ratio of 1.05.

Sigma Lithium (NASDAQ:SGML) last issued its earnings results on Thursday, August 15th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.13 by ($0.23). The company had revenue of $45.94 million for 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%. As a group, sell-side analysts expect that Sigma Lithium Co. will post 0.04 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SGML. PenderFund Capital Management Ltd. acquired a new stake in shares of Sigma Lithium in the 4th quarter worth approximately $32,000. Point72 DIFC Ltd purchased a new stake in Sigma Lithium during the second quarter worth $48,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Sigma Lithium in the second quarter valued at $107,000. Tidal Investments LLC increased 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 valued at $573,000 after buying an additional 17,566 shares in the last quarter. Finally, Cantor Fitzgerald L. P. acquired a new position in shares of Sigma Lithium during the 4th quarter worth $1,548,000. 64.86% of the stock is owned by hedge funds and other institutional investors.

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.