Day after IPO, SGML stock trades flat; EVCM pops after rating upgrade

Highlights

  • Sigma Lithium Corporation (NASDAQ: SGML) has been in the news after it revealed plans to go net-zero emission by 2024. The company debuted in NASDAQ on Sep 13.
  • EverCommerce Inc. (NASDAQ: EVCM) made stock market debut on July 1, 2021. Analysts have raised its IBD RS (Relative Strength) rating from 70 to 79.
  • Both stocks have been drawing attention over the past few sessions.

Day after the NASDAQ debut, the stock of Sigma Lithium Corporation (SGML) traded flat at US$8.10 at 10:18 am ET on Tuesday, but it continued to draw investors’ attention.

Sigma Lithium is a Canadian company with a market cap of US$708 million. On Sep 13, the stock debuted on NASDAQ and the Toronto New Ventures exchange (TSVX) simultaneously.

On the other hand, EverCommerce Inc. stock has been seeing strong traction after analysts raised its relative strength (RS) rating from 70 to 79 in late August.

The stock was up marginally by 0.50% to US$17.97 from the previous close at 12:48 pm ET on Tuesday. The stock had closed at US$17.88 on Sep 13 with a share volume of 206,713.

Here we look at the recent developments of the two companies.

Sigma Lithium Corporation (NASDAQ: SGML)

Sigma Lithium extracts Lithium used in the EV batteries, one of the reasons why the company has been in focus besides the IPO, given the US administration’s pledge to support the EV industry.

Besides, the company itself has set a target to go net-zero emission by 2024.

Analysts expect the global Lithium production to double by 2022.

The British Columbia, Canada-based company has Lithium exploration projects in Brazil.

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The company had cash and cash equivalents of US$29.7 million as of Aug 30, 2021. Of the total, US$28 million was available in ready cash for disbursements.

The company earned no revenue in the June quarter of 2021. The net loss was CA$(1.02) million compared to a net loss of CA$(0.14) million in the same quarter of 2020.

The company granted an aggregate of 739,000 restricted share units to directors. However, the founder and the co-founder didn’t get any equity compensation.

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Source – pixabay

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EverCommerce Inc. (NASDAQ: EVCM)

It is a service commerce platform and provides SaaS solutions to businesses to streamline operation, growth, and retention.

The Denver, Colorado-based technology company debuted on NASDAQ on July 1, 2021. Its current market capitalization is US$3.5 billion.

The company had offered 19,117,648 shares of its common stock at US$17.00 per share. The price has been declining since Sep 2, 2021, when its closing price was US$22.23.

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The company earned revenue of US$121.1 million for the second quarter ended June 30, 2021, compared to US$79.3 million in the comparable quarter of 2020.

It incurred a net loss of US$24.3 million or US$(0.56) per share diluted compared to a net loss of US$13.7 million or US$(0.65) per share diluted for the second quarter of the previous year.

The stock has been catching investors’ attention after its IBD relative strength (RS) rating changed from 70 to 79 at the end of the previous month.

The stock had closed at US$17.88 on Sep 13 with a share volume of 206,713.

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Bottomline

With the government focusing on net-zero emission, the EV and other allied clean energy sectors are set to hog the limelight. Since Sigma Lithium is part of the EV supply chain, it may see brisk business as the industry matures. On the other hand, technology company EverCommerce caught many eyeballs after the RS rating upgrade. However, investors must evaluate the stocks carefully before making an investment decision.

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