Sigma Lithium (NASDAQ:SGML) Shares Down 6.5% After Earnings Miss

Shares of Sigma Lithium Co. (NASDAQ:SGML) traded down 6.5% on Monday following a weaker than expected earnings announcement. The company traded as low as $10.39 and last traded at $10.76. 65,451 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 753,164 shares. The stock had previously closed at $11.50.

The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.12). Sigma Lithium had a negative return on equity of 38.04% and a negative net margin of 36.85%.

Wall Street Analyst Weigh In

Separately, Bank of America reduced their target price on shares of Sigma Lithium from $25.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, January 14th.

Hedge Funds Weigh In On Sigma Lithium

A number of hedge funds have recently bought and sold shares of the business. Aquatic Capital Management LLC acquired a new stake in shares of Sigma Lithium in the fourth quarter valued at about $27,000. U S Global Investors Inc. increased its position in shares of Sigma Lithium by 233.3% during the fourth quarter. U S Global Investors Inc. now owns 10,000 shares of the company’s stock valued at $112,000 after acquiring an additional 7,000 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Sigma Lithium during the third quarter worth $122,000. Pictet Asset Management Holding SA acquired a new stake in shares of Sigma Lithium during the fourth quarter worth about $142,000. Finally, Squarepoint Ops LLC purchased a new position in Sigma Lithium in the fourth quarter valued at $150,000. Hedge funds and other institutional investors own 64.86% of the company’s stock.

Sigma Lithium Stock Performance

The company has a quick ratio of 0.72, a current ratio of 0.84 and a debt-to-equity ratio of 0.02. The stock has a 50-day moving average price of $11.32 and a 200 day moving average price of $12.24. The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of -21.67 and a beta of 0.21.

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.