Canaccord Genuity Group Downgrades Sigma Lithium (NASDAQ:SGML) to Hold

Sigma Lithium (NASDAQ:SGML) was downgraded by analysts at Canaccord Genuity Group from a “buy” rating to a “hold” rating in a note issued to investors on Friday.

A number of other research analysts also recently commented on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sigma Lithium in a research note on Monday, December 29th. Bank of America restated an “underperform” rating and set a $13.00 price objective (up previously from $11.00) on shares of Sigma Lithium in a research note on Thursday, January 8th. Zacks Research raised Sigma Lithium from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 25th. Citigroup downgraded Sigma Lithium from an “overweight” rating to an “underperform” rating in a report on Thursday, January 8th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $18.00 price target on shares of Sigma Lithium in a report on Wednesday. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, Sigma Lithium has an average rating of “Reduce” and an average target price of $15.50.

Sigma Lithium Trading Down 10.0%

SGML opened at $12.82 on Friday. The firm’s 50 day moving average is $11.35 and its 200-day moving average is $7.92. Sigma Lithium has a 52-week low of $4.25 and a 52-week high of $16.87. The company has a quick ratio of 0.32, a current ratio of 0.49 and a debt-to-equity ratio of 1.38. The firm has a market capitalization of $1.43 billion and a P/E ratio of -40.41.

Sigma Lithium (NASDAQ:SGML) last released its quarterly earnings results on Friday, November 14th. The company reported ($0.10) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.10). Sigma Lithium had a negative net margin of 24.13% and a negative return on equity of 35.97%. The business had revenue of $28.55 million during the quarter, compared to analyst estimates of $70.54 million. Analysts expect that Sigma Lithium will post -0.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Sigma Lithium

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SGML. BNP Paribas Financial Markets increased its stake in Sigma Lithium by 15.9% in the second quarter. BNP Paribas Financial Markets now owns 21,897 shares of the company’s stock valued at $99,000 after purchasing an additional 3,005 shares in the last quarter. Virtu Financial LLC grew its holdings in Sigma Lithium by 26.6% during the third quarter. Virtu Financial LLC now owns 20,053 shares of the company’s stock worth $129,000 after purchasing an additional 4,210 shares during the period. Electron Capital Partners LLC boosted its position in Sigma Lithium by 0.4% during the second quarter. Electron Capital Partners LLC now owns 1,067,947 shares of the company’s stock worth $4,806,000 after purchasing an additional 4,557 shares during the period. Millennium Management LLC boosted its holdings in shares of Sigma Lithium by 6.4% during the 3rd quarter. Millennium Management LLC now owns 81,543 shares of the company’s stock worth $520,000 after buying an additional 4,909 shares during the period. Finally, Legal & General Group Plc grew its position in shares of Sigma Lithium by 0.5% in the third quarter. Legal & General Group Plc now owns 1,312,232 shares of the company’s stock valued at $8,416,000 after purchasing an additional 7,157 shares during the last quarter. Institutional investors and hedge funds own 64.86% of the company’s stock.

About Sigma Lithium

Sigma Lithium Corp. is a Canada-based mineral exploration and development company focused on the sustainable production of battery-grade lithium from hard rock deposits. The company’s flagship asset is the Grota do Cirilo lithium project, located in the state of Minas Gerais, Brazil. Grota do Cirilo comprises a fully permitted, low-altitude spodumene mine and processing plant designed to produce high-purity lithium concentrate and downstream lithium hydroxide for the global electric vehicle and energy storage markets.

Since its founding in 2018, Sigma Lithium has pursued a vertically integrated approach, overseeing each stage of production from ore extraction and beneficiation to chemical conversion.