Sigma Lithium (NASDAQ:SGML) Stock Rating Lowered by Zacks Research

Sigma Lithium (NASDAQ:SGML) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Wednesday,Zacks.com reports.

A number of other research analysts also recently weighed in on SGML. Weiss Ratings downgraded Sigma Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 13th. 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 issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $18.50.

Sigma Lithium Trading Down 1.9%

NASDAQ SGML opened at $10.73 on Wednesday. Sigma Lithium has a twelve month low of $4.61 and a twelve month high of $24.48. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.25 and a current ratio of 0.34. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of -44.71 and a beta of 0.61. The firm’s 50 day moving average price is $11.66 and its two-hundred day moving average price is $13.83.

Sigma Lithium (NASDAQ:SGML) last announced its earnings results on Friday, August 14th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.25). The firm had revenue of $54.70 million for the quarter, compared to analyst estimates of $68.34 million. Sigma Lithium had a negative net margin of 19.36% and a negative return on equity of 37.40%. Equities analysts anticipate that Sigma Lithium will post 0.45 EPS for the current year.

Hedge Funds Weigh In On Sigma Lithium

Hedge funds have recently modified their holdings of the stock. Handelsbanken Fonder AB lifted its holdings in shares of Sigma Lithium by 23.2% during the 2nd quarter. Handelsbanken Fonder AB now owns 1,498,133 shares of the company’s stock valued at $18,951,000 after buying an additional 282,595 shares during the last quarter. GSA Capital Partners LLP acquired a new position in Sigma Lithium in the second quarter worth approximately $2,512,000. Encompass Capital Advisors LLC acquired a new position in Sigma Lithium in the fourth quarter worth approximately $16,463,000. Polymer Capital Management HK LTD acquired a new position in Sigma Lithium in the fourth quarter worth approximately $660,000. Finally, Keystone Investors PTE Ltd. bought a new position in Sigma Lithium during the fourth quarter valued at approximately $1,103,000. 64.86% of the stock is 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.