Sigma Lithium (NASDAQ:SGML) Downgraded by Zacks Research to “Hold”

Zacks Research cut shares of Sigma Lithium (NASDAQ:SGML) from a strong-buy rating to a hold rating in a research note published on Monday,Zacks.com reports.

Several other research analysts also recently commented on SGML. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sigma Lithium in a research report on Wednesday, June 24th. Bank of America upgraded Sigma Lithium from a “neutral” rating to a “buy” rating and upped their price target for the stock from $14.00 to $17.00 in a report on Thursday, April 2nd. Finally, Wall Street Zen raised Sigma Lithium from a “hold” rating to a “buy” rating in a research report on Sunday, June 21st. Three 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 company presently has an average rating of “Hold” and a consensus target price of $18.50.

Sigma Lithium Stock Performance

NASDAQ:SGML opened at $10.48 on Monday. The firm has a market capitalization of $1.18 billion, a PE ratio of -26.87 and a beta of 0.58. Sigma Lithium has a 1 year low of $4.61 and a 1 year high of $24.48. The company has a current ratio of 0.32, a quick ratio of 0.25 and a debt-to-equity ratio of 0.21. The firm’s fifty day simple moving average is $13.71 and its 200 day simple moving average is $14.31.

Sigma Lithium (NASDAQ:SGML) last released its earnings results on Friday, May 15th. The company reported $0.10 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.10. Sigma Lithium had a negative net margin of 41.84% and a negative return on equity of 57.50%. The firm had revenue of $16.90 million during the quarter, compared to analyst estimates of $42.48 million. On average, sell-side analysts anticipate that Sigma Lithium will post 1.15 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Polymer Capital Management HK LTD bought a new position in shares of Sigma Lithium during the fourth quarter valued at $660,000. Encompass Capital Advisors LLC acquired a new stake in shares of Sigma Lithium during the 4th quarter worth about $16,463,000. Keystone Investors PTE Ltd. acquired a new stake in shares of Sigma Lithium during the 4th quarter worth about $1,103,000. Handelsbanken Fonder AB lifted its holdings in Sigma Lithium by 37.9% during the 4th quarter. Handelsbanken Fonder AB now owns 888,544 shares of the company’s stock valued at $11,720,000 after purchasing an additional 244,310 shares during the last quarter. Finally, Legal & General Group Plc lifted its holdings in Sigma Lithium by 101.7% during the 4th quarter. Legal & General Group Plc now owns 2,647,004 shares of the company’s stock valued at $34,911,000 after purchasing an additional 1,334,772 shares during the last quarter. 64.86% of the stock is currently owned by institutional investors and hedge funds.

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.