Sigma Lithium (NASDAQ:SGML) Shares Gap Up - Here's Why

Sigma Lithium Co. (NASDAQ:SGML - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $13.51, but opened at $13.89. Sigma Lithium shares last traded at $13.78, with a volume of 25,947 shares.

Analyst Ratings Changes

Separately, BMO Capital Markets reduced their price target 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 Trading Up 2.7 %

The firm has a market capitalization of $1.54 billion, a P/E ratio of -28.92 and a beta of 0.16. The firm has a fifty day simple moving average of $12.95 and a two-hundred day simple moving average of $12.78. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.05 and a quick ratio of 0.96.

Institutional Trading of Sigma Lithium

Hedge funds and other institutional investors have recently modified their holdings of the business. 1832 Asset Management L.P. raised its stake in shares of Sigma Lithium by 43.3% during the 1st quarter. 1832 Asset Management L.P. now owns 382,000 shares of the company's stock valued at $4,951,000 after purchasing an additional 115,438 shares during the period. Appian Way Asset Management LP lifted its holdings in shares of Sigma Lithium by 47.2% in the first quarter. Appian Way Asset Management LP now owns 2,270,102 shares of the company's stock worth $29,421,000 after buying an additional 728,260 shares in the last quarter. Tidal Investments LLC boosted 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 acquiring an additional 17,566 shares during the period. SG Americas Securities LLC purchased a new position in Sigma Lithium during the second quarter valued at approximately $672,000. Finally, Van ECK Associates Corp increased its holdings in Sigma Lithium by 13.6% during the 2nd quarter. Van ECK Associates Corp now owns 1,201,612 shares of the company's stock worth $14,455,000 after acquiring an additional 143,696 shares during the period. 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.