Brokerages Set Sigma Lithium Corporation (NASDAQ:SGML) Target Price at $17.17

Sigma Lithium Corporation (NASDAQ:SGML) has been given an average rating of “Hold” by the six ratings firms that are currently covering the company, Marketbeat reports. Two research analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $17.50.

Several equities research analysts recently issued reports on the stock. Bank of America raised shares of Sigma Lithium from an “underperform” rating to a “neutral” rating and set a $14.00 price target on the stock in a research note on Tuesday. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sigma Lithium in a research note on Monday, December 29th. Citigroup downgraded Sigma Lithium from an “overweight” rating to an “underperform” rating in a report on Thursday, January 8th. Canaccord Genuity Group upgraded Sigma Lithium from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Finally, Zacks Research upgraded Sigma Lithium from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 25th.

Institutional Investors Weigh In On Sigma Lithium

A number of institutional investors have recently modified their holdings of SGML. Van ECK Associates Corp lifted its holdings in Sigma Lithium by 142.8% in the third quarter. Van ECK Associates Corp now owns 4,606,668 shares of the company’s stock worth $29,529,000 after acquiring an additional 2,709,397 shares during the last quarter. Norges Bank bought a new stake in shares of Sigma Lithium in the 2nd quarter worth approximately $11,250,000. CenterBook Partners LP boosted its position in Sigma Lithium by 416.8% during the 2nd quarter. CenterBook Partners LP now owns 816,515 shares of the company’s stock valued at $3,674,000 after purchasing an additional 658,533 shares during the period. Handelsbanken Fonder AB bought a new position in Sigma Lithium during the 3rd quarter worth $4,130,000. Finally, Woodline Partners LP increased its position in Sigma Lithium by 26.6% in the third 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. Institutional investors own 64.86% of the company’s stock.

Sigma Lithium Stock Performance

Shares of NASDAQ:SGML opened at $12.30 on Monday. The business has a 50-day moving average of $12.67 and a two-hundred day moving average of $8.63. The firm has a market capitalization of $1.37 billion and a PE ratio of -39.68. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.49 and a quick ratio of 0.32. Sigma Lithium has a 12 month low of $4.25 and a 12 month high of $16.87.

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

Sigma Lithium Company Profile

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.