Sigma Lithium (NASDAQ:SGML) Trading 6.8% Higher – Here’s Why

Shares of Sigma Lithium Co. (NASDAQ:SGML) rose 6.8% on Tuesday . The stock traded as high as $10.65 and last traded at $10.98. Approximately 25,856 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 503,196 shares. The stock had previously closed at $10.28.

Wall Street Analyst Weigh In

Separately, Bank of America cut their price target 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.

Sigma Lithium Trading Up 0.7 %

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 company’s 50 day moving average price is $11.76 and its 200 day moving average price is $11.91. The company has a market cap of $1.24 billion, a price-to-earnings ratio of -23.28 and a beta of 0.22.

Hedge Funds Weigh In On Sigma Lithium

Several institutional investors have recently bought and sold shares of SGML. SG Americas Securities LLC boosted its holdings in shares of Sigma Lithium by 100.8% during the 3rd quarter. SG Americas Securities LLC now owns 112,242 shares of the company’s stock worth $1,387,000 after buying an additional 56,347 shares during the period. Perpetual Ltd bought a new stake in Sigma Lithium during the third quarter valued at about $2,096,000. Van ECK Associates Corp grew its position in shares of Sigma Lithium by 3.9% in the third quarter. Van ECK Associates Corp now owns 1,248,755 shares of the company’s stock valued at $15,435,000 after purchasing an additional 47,143 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Sigma Lithium by 848.2% in the third quarter. The Manufacturers Life Insurance Company now owns 354,625 shares of the company’s stock worth $4,388,000 after purchasing an additional 317,225 shares during the period. Finally, Bridgewater Associates LP acquired a new position in shares of Sigma Lithium during the 3rd quarter worth about $4,584,000. 64.86% of the stock is currently owned by institutional investors.

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.