Sigma Lithium (NASDAQ:SGML) Shares Down 6.5% on Disappointing Earnings

Sigma Lithium Co. (NASDAQ:SGML)’s share price dropped 6.5% during mid-day trading on Monday following a weaker than expected earnings announcement. The company traded as low as $10.39 and last traded at $10.76. Approximately 65,451 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 753,164 shares. The stock had previously closed at $11.50.

The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.12). Sigma Lithium had a negative net margin of 36.85% and a negative return on equity of 38.04%.

Wall Street Analyst Weigh In

Separately, Bank of America lowered their price objective 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.

Institutional Investors Weigh In On Sigma Lithium

Several large investors have recently added to or reduced their stakes in SGML. Aquatic Capital Management LLC purchased a new stake in shares of Sigma Lithium in the 4th quarter valued at $27,000. U S Global Investors Inc. raised its holdings in Sigma Lithium by 233.3% in the 4th quarter. U S Global Investors Inc. now owns 10,000 shares of the company’s stock worth $112,000 after acquiring an additional 7,000 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in Sigma Lithium in the 3rd quarter worth about $122,000. Pictet Asset Management Holding SA bought a new stake in shares of Sigma Lithium in the fourth quarter worth approximately $142,000. Finally, Squarepoint Ops LLC purchased a new position in shares of Sigma Lithium during the fourth quarter valued at approximately $150,000. Institutional investors own 64.86% of the company’s stock.

Sigma Lithium Trading Down 9.6 %

The company has a market cap of $1.16 billion, a P/E ratio of -21.67 and a beta of 0.21. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.84 and a quick ratio of 0.72. The stock’s 50-day moving average is $11.32 and its two-hundred day moving average is $12.24.

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.