Sigma Lithium (NASDAQ:SGML) Shares Down 2.1% - Here's What Happened

Sigma Lithium Co. (NASDAQ:SGML - Get Free Report)'s share price fell 2.1% on Tuesday . The company traded as low as $8.20 and last traded at $8.21. 27,609 shares traded hands during mid-day trading, a decline of 96% from the average session volume of 752,732 shares. The stock had previously closed at $8.39.

Wall Street Analysts Forecast Growth

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

Sigma Lithium Price Performance

The stock has a market capitalization of $794.53 million, a PE ratio of -14.87 and a beta of 0.26. The stock's 50 day moving average price is $10.41 and its 200-day moving average price is $11.83. The company has a quick ratio of 0.72, a current ratio of 0.84 and a debt-to-equity ratio of 0.02.

Sigma Lithium (NASDAQ:SGML - Get Free Report) last issued its earnings results on Monday, March 31st. The company reported ($0.08) EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($0.14). The company 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%. As a group, equities analysts forecast that Sigma Lithium Co. will post -0.12 EPS for the current year.

Institutional Investors Weigh In On Sigma Lithium

Several hedge funds have recently made changes to their positions in the company. Appian Way Asset Management LP raised its holdings in shares of Sigma Lithium by 15.2% in the fourth quarter. Appian Way Asset Management LP now owns 4,712,425 shares of the company's stock valued at $52,873,000 after acquiring an additional 620,024 shares in the last quarter. Norges Bank purchased a new stake in shares of Sigma Lithium in the 4th quarter worth approximately $28,050,000. Bank Julius Baer & Co. Ltd Zurich boosted its stake in shares of Sigma Lithium by 203.6% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 2,183,675 shares of the company's stock valued at $24,501,000 after purchasing an additional 1,464,475 shares in the last quarter. Woodline Partners LP increased its holdings in Sigma Lithium by 113.5% during the fourth quarter. Woodline Partners LP now owns 1,617,673 shares of the company's stock valued at $18,150,000 after buying an additional 859,924 shares during the period. Finally, Sourcerock Group LLC raised its stake in Sigma Lithium by 46.0% in the fourth quarter. Sourcerock Group LLC now owns 1,387,222 shares of the company's stock worth $15,565,000 after buying an additional 437,010 shares in the last quarter. 64.86% of the stock is currently 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.