Sigma Lithium (NASDAQ:SGML) Shares Up 5.9% – Time to Buy?

Sigma Lithium Co. (NASDAQ:SGML) rose 5.9% during trading on Wednesday . The company traded as high as $13.16 and last traded at $13.15. Approximately 72,874 shares were traded during mid-day trading, a decline of 93% from the average daily volume of 994,915 shares. The stock had previously closed at $12.42.

Analysts Set New Price Targets

Separately, BMO Capital Markets lowered their price objective on shares of Sigma Lithium from $25.00 to $20.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th.

Sigma Lithium Price Performance

The company has a market capitalization of $1.36 billion, a price-to-earnings ratio of -25.88 and a beta of 0.15. The company’s 50 day simple moving average is $13.57 and its 200-day simple moving average is $12.36. The company has a current ratio of 0.84, a quick ratio of 0.72 and a debt-to-equity ratio of 0.02.

Institutional Investors Weigh In On Sigma Lithium

Several hedge funds have recently modified their holdings of the company. Tidal Investments LLC lifted its holdings in shares of Sigma Lithium by 43.4% during the 3rd quarter. Tidal Investments LLC now owns 63,422 shares of the company’s stock worth $784,000 after acquiring an additional 19,193 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Sigma Lithium by 8.4% during the 3rd quarter. Geode Capital Management LLC now owns 117,125 shares of the company’s stock worth $1,448,000 after acquiring an additional 9,049 shares during the period. Public Employees Retirement System of Ohio purchased a new position in shares of Sigma Lithium during the 3rd quarter worth about $122,000. Y Intercept Hong Kong Ltd purchased a new position in shares of Sigma Lithium during the 3rd quarter worth about $299,000. Finally, State Street Corp purchased a new position in shares of Sigma Lithium during the 3rd quarter worth about $1,831,000. 64.86% of the stock is owned by institutional investors and hedge funds.

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.