Sigma Lithium (NASDAQ:SGML) Shares Down 6.1%

Sigma Lithium Co. (NASDAQ:SGML) shares dropped 6.1% during trading on Thursday . The company traded as low as $12.65 and last traded at $12.67. Approximately 107,130 shares traded hands during trading, a decline of 92% from the average daily volume of 1,361,212 shares. The stock had previously closed at $13.50.

Wall Street Analyst Weigh In

SGML has been the subject of a number of recent analyst reports. BMO Capital Markets reduced their price target on shares of Sigma Lithium from $38.00 to $30.00 and set an “outperform” rating for the company in a research report on Wednesday, March 27th. Bank of America boosted their price target on shares of Sigma Lithium from $27.00 to $29.00 and gave the company a “buy” rating in a research report on Monday, March 18th.

Sigma Lithium Price Performance

The firm’s 50-day moving average is $13.85 and its 200-day moving average is $22.26. The company has a market capitalization of $1.52 billion, a PE ratio of -18.49 and a beta of 0.29. The company has a quick ratio of 1.32, a current ratio of 1.54 and a debt-to-equity ratio of 0.02.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PenderFund Capital Management Ltd. purchased a new position in Sigma Lithium in the fourth quarter worth $32,000. Quantbot Technologies LP purchased a new position in Sigma Lithium in the second quarter worth $38,000. Canton Hathaway LLC purchased a new position in Sigma Lithium in the fourth quarter worth $60,000. Tower Research Capital LLC TRC purchased a new position in Sigma Lithium in the third quarter worth $101,000. Finally, Royal Bank of Canada grew its position in Sigma Lithium by 51.4% in the second quarter. Royal Bank of Canada now owns 4,320 shares of the company’s stock worth $174,000 after acquiring an additional 1,467 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.