Sigma Lithium Corporation (NASDAQ:SGML) Receives $18.50 Average Price Target from Brokerages

Shares of Sigma Lithium Corporation (NASDAQ:SGML) have earned an average rating of “Hold” from the six ratings firms that are presently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $18.50.

SGML has been the topic of a number of recent research reports. Weiss Ratings upgraded Sigma Lithium from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday. Zacks Research cut shares of Sigma Lithium from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 20th. Finally, Wall Street Zen raised shares of Sigma Lithium from a “hold” rating to a “buy” rating in a report on Sunday, June 21st.

Sigma Lithium Stock Performance

Shares of Sigma Lithium stock opened at $9.87 on Monday. The company has a 50 day moving average price of $12.70 and a 200 day moving average price of $14.04. The firm has a market capitalization of $1.11 billion, a P/E ratio of -25.31 and a beta of 0.61. The company has a quick ratio of 0.25, a current ratio of 0.32 and a debt-to-equity ratio of 0.21. Sigma Lithium has a 52 week low of $4.61 and a 52 week high of $24.48.

Sigma Lithium (NASDAQ:SGML) last issued its quarterly earnings results on Friday, May 15th. The company reported $0.10 earnings per share (EPS) for the quarter, meeting 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 business had revenue of $16.90 million for the quarter, compared to analyst estimates of $42.48 million. Sell-side analysts expect that Sigma Lithium will post 1.15 EPS for the current year.

Institutional Investors Weigh In On Sigma Lithium

Hedge funds have recently added to or reduced their stakes in the business. Encompass Capital Advisors LLC purchased a new position in shares of Sigma Lithium during the 4th quarter valued at about $16,463,000. Polymer Capital Management HK LTD acquired a new position in shares of Sigma Lithium in the 4th quarter valued at about $660,000. Handelsbanken Fonder AB boosted its stake in shares of Sigma Lithium by 37.9% in the fourth quarter. Handelsbanken Fonder AB now owns 888,544 shares of the company’s stock worth $11,720,000 after buying an additional 244,310 shares during the last quarter. Keystone Investors PTE Ltd. purchased a new stake in shares of Sigma Lithium in the fourth quarter worth about $1,103,000. Finally, Legal & General Group Plc grew its holdings in Sigma Lithium by 101.7% during the fourth quarter. Legal & General Group Plc now owns 2,647,004 shares of the company’s stock worth $34,911,000 after acquiring an additional 1,334,772 shares during the period. 64.86% of the stock is owned by hedge funds and other 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.