BlackRock Inc. and The Manufacturers Life Insurance Company disclosed new equity positions in Sigma Lithium through recent SEC filings.
BlackRock purchased nearly 2.35 million shares. This investment cost approximately $29.7 million. The acquisition represents a 2.09% stake in the lithium producer.
The Manufacturers Life Insurance Company acquired 236,861 shares. This position is worth approximately $2.99 million.
The disclosures follow Sigma Lithium’s mid-August quarterly earnings report. The company reported a significant year-over-year increase in revenue. However, Sigma Lithium missed analyst estimates for earnings per share.
The institutional buy-in provides a vote of confidence as the company pursues production expansion plans.