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

Sigma Lithium Co. (NASDAQ:SGML - Get Free Report)'s stock price traded down 6.5% during trading on Monday following a weaker than expected earnings announcement. The stock traded as low as $10.39 and last traded at $10.76. 65,451 shares changed 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 $0.06 by ($0.14). The business had revenue of $46.70 million for the quarter, compared to analysts' expectations of $71.77 million. Sigma Lithium had a negative return on equity of 38.04% and a negative net margin of 36.85%.

Analyst Upgrades and Downgrades

Separately, Bank of America dropped their price objective on Sigma Lithium from $25.00 to $16.00 and set a "buy" rating for the company in a research note on Tuesday, January 14th.

Institutional Trading of Sigma Lithium

Hedge funds have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Sigma Lithium in the fourth quarter worth about $498,000. Woodline Partners LP raised its holdings in shares of Sigma Lithium by 113.5% during the 4th quarter. Woodline Partners LP now owns 1,617,673 shares of the company's stock worth $18,150,000 after acquiring an additional 859,924 shares in the last quarter. Sourcerock Group LLC boosted its position in shares of Sigma Lithium by 46.0% during the 4th quarter. Sourcerock Group LLC now owns 1,387,222 shares of the company's stock valued at $15,565,000 after acquiring an additional 437,010 shares during the last quarter. Squarepoint Ops LLC purchased a new position in shares of Sigma Lithium in the fourth quarter valued at $150,000. Finally, Point72 Asset Management L.P. raised its stake in Sigma Lithium by 349.0% during the fourth quarter. Point72 Asset Management L.P. now owns 405,274 shares of the company's stock valued at $4,547,000 after purchasing an additional 315,008 shares in the last quarter. Hedge funds and other institutional investors own 64.86% of the company's stock.

Sigma Lithium Stock Performance

The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.72 and a current ratio of 0.84. The business's fifty day moving average price is $11.22 and its two-hundred day moving average price is $12.20. The stock has a market capitalization of $845.72 million, a P/E ratio of -16.05 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.