Van ECK Associates Corp Has $53.87 Million Holdings in Sigma Lithium Corporation $SGML

Van ECK Associates Corp cut its holdings in shares of Sigma Lithium Corporation (NASDAQ:SGML) by 25.1% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 4,258,725 shares of the company’s stock after selling 1,424,417 shares during the period. Van ECK Associates Corp’s holdings in Sigma Lithium were worth $53,873,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SGML. BlackRock Inc. bought a new stake in shares of Sigma Lithium in the second quarter worth about $29,727,000. Legal & General Group Plc grew its position in shares of Sigma Lithium by 101.7% in 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 period. Encompass Capital Advisors LLC bought a new stake in Sigma Lithium during the 4th quarter worth approximately $16,463,000. Woodline Partners LP raised its holdings in Sigma Lithium by 26.6% during the 3rd quarter. Woodline Partners LP now owns 2,964,909 shares of the company’s stock worth $19,005,000 after buying an additional 623,832 shares during the period. Finally, Verition Fund Management LLC bought a new position in Sigma Lithium in the third quarter valued at approximately $3,603,000. 64.86% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Zacks Research downgraded shares of Sigma Lithium from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 19th. Weiss Ratings cut Sigma Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 13th. Finally, Wall Street Zen downgraded Sigma Lithium from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Sigma Lithium has an average rating of “Hold” and an average price target of $18.50.

Sigma Lithium Price Performance

Shares of SGML opened at $12.26 on Friday. The company has a quick ratio of 0.25, a current ratio of 0.34 and a debt-to-equity ratio of 1.25. Sigma Lithium Corporation has a twelve month low of $4.61 and a twelve month high of $24.48. The stock has a market capitalization of $1.38 billion, a P/E ratio of -51.08 and a beta of 0.61. The company has a 50 day moving average of $11.37 and a 200-day moving average of $13.83.

Sigma Lithium (NASDAQ:SGML) last posted its quarterly earnings data on Friday, August 14th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.25). Sigma Lithium had a negative return on equity of 37.40% and a negative net margin of 19.36%.The business had revenue of $54.70 million for the quarter, compared to analyst estimates of $68.34 million. As a group, equities research analysts forecast that Sigma Lithium Corporation will post 0.45 EPS for the current fiscal year.

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.