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

Sigma Lithium (NASDAQ:SGML) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Several other research analysts also recently weighed in on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sigma Lithium in a research report on Wednesday, June 24th. Wall Street Zen raised shares of Sigma Lithium from a “hold” rating to a “buy” rating in a research report on Sunday, June 21st. Finally, Bank of America upgraded Sigma Lithium from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $14.00 to $17.00 in a research note on Thursday, April 2nd. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $18.50.

Sigma Lithium Price Performance

Shares of NASDAQ:SGML opened at $10.48 on Monday. The firm’s 50 day moving average price is $13.71 and its 200-day moving average price is $14.31. Sigma Lithium has a twelve month low of $4.61 and a twelve month high of $24.48. The company has a quick ratio of 0.25, a current ratio of 0.32 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $1.18 billion, a PE ratio of -26.87 and a beta of 0.58.

Sigma Lithium (NASDAQ:SGML) last posted its quarterly earnings data on Friday, May 15th. The company reported $0.10 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.10. The company had revenue of $16.90 million for the quarter, compared to the consensus estimate of $42.48 million. Sigma Lithium had a negative net margin of 41.84% and a negative return on equity of 57.50%. Equities research analysts expect that Sigma Lithium will post 1.15 EPS for the current year.

Institutional Investors Weigh In On Sigma Lithium

A number of institutional investors have recently added to or reduced their stakes in SGML. Polymer Capital Management HK LTD bought a new stake in shares of Sigma Lithium during the fourth quarter valued at approximately $660,000. Encompass Capital Advisors LLC bought a new position in shares of Sigma Lithium during the fourth quarter worth $16,463,000. Keystone Investors PTE Ltd. bought a new position in shares of Sigma Lithium during the fourth quarter worth $1,103,000. Handelsbanken Fonder AB grew its stake in Sigma Lithium by 37.9% during the fourth quarter. Handelsbanken Fonder AB now owns 888,544 shares of the company’s stock valued at $11,720,000 after acquiring an additional 244,310 shares in the last quarter. Finally, Legal & General Group Plc increased its holdings in 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 acquiring an additional 1,334,772 shares during the last quarter. 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.