Sigma Lithium (NASDAQ:SGML) Stock Rating Upgraded by Wall Street Zen

Sigma Lithium (NASDAQ:SGML) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Saturday.

A number of other analysts have also recently issued reports on SGML. Citigroup cut shares of Sigma Lithium from an “overweight” rating to an “underperform” rating in a research note on Thursday, January 8th. Bank of America upgraded shares of Sigma Lithium from a “neutral” rating to a “buy” rating and upped their price target for the company from $14.00 to $17.00 in a research note on Thursday. Weiss Ratings restated a “sell (e+)” rating on shares of Sigma Lithium in a research report on Friday, March 27th. Canaccord Genuity Group upgraded Sigma Lithium from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $18.00 target price on shares of Sigma Lithium in a research report on Wednesday, January 14th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $18.50.

Sigma Lithium Price Performance

SGML opened at $14.37 on Friday. The stock’s fifty day simple moving average is $12.36 and its 200 day simple moving average is $10.51. Sigma Lithium has a 1-year low of $4.25 and a 1-year high of $16.88. The stock has a market cap of $1.60 billion, a PE ratio of -31.93, a price-to-earnings-growth ratio of 0.29 and a beta of 0.04. The company has a current ratio of 0.49, a quick ratio of 0.32 and a debt-to-equity ratio of 1.38.

Sigma Lithium (NASDAQ:SGML) last released its quarterly earnings data on Monday, March 30th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.10). Sigma Lithium had a negative return on equity of 53.45% and a negative net margin of 45.64%.The company had revenue of $16.90 million for the quarter, compared to the consensus estimate of $52.20 million. As a group, research analysts expect that Sigma Lithium will post -0.12 earnings per share for the current year.

Hedge Funds Weigh In On Sigma Lithium

A number of hedge funds have recently bought and sold shares of SGML. Van ECK Associates Corp raised its stake in Sigma Lithium by 142.8% in the 3rd quarter. Van ECK Associates Corp now owns 4,606,668 shares of the company’s stock worth $29,529,000 after purchasing an additional 2,709,397 shares in the last quarter. Norges Bank bought a new stake in Sigma Lithium in the 2nd quarter valued at about $11,250,000. Legal & General Group Plc grew its position in shares of Sigma Lithium by 101.7% during the 4th quarter. Legal & General Group Plc now owns 2,647,004 shares of the company’s stock worth $34,911,000 after purchasing an additional 1,334,772 shares in the last quarter. Encompass Capital Advisors LLC bought a new position in shares of Sigma Lithium during the fourth quarter worth approximately $16,463,000. Finally, Handelsbanken Fonder AB bought a new position in shares of Sigma Lithium during the third quarter worth approximately $4,130,000. 64.86% of the stock is owned by institutional investors.

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.