The Manufacturers Life Insurance Company Takes $2.99 Million Position in Sigma Lithium Corporation $SGML

The Manufacturers Life Insurance Company acquired a new position in shares of Sigma Lithium Corporation (NASDAQ:SGML) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 236,861 shares of the company’s stock, valued at approximately $2,989,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Woodline Partners LP raised its position in Sigma Lithium by 26.6% during the third quarter. Woodline Partners LP now owns 2,964,909 shares of the company’s stock valued at $19,005,000 after purchasing an additional 623,832 shares in the last quarter. Legal & General Group Plc boosted its holdings 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 worth $34,911,000 after purchasing an additional 1,334,772 shares in the last quarter. BlackRock Inc. purchased a new position in shares of Sigma Lithium in the 2nd quarter worth about $29,727,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Sigma Lithium by 24.9% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,550,713 shares of the company’s stock valued at $7,091,000 after purchasing an additional 309,338 shares during the last quarter. Finally, Handelsbanken Fonder AB raised 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 in the last quarter. 64.86% of the stock is currently owned by hedge funds and other institutional investors.

Sigma Lithium Stock Performance

NASDAQ SGML opened at $12.26 on Wednesday. The company has a 50-day simple moving average of $11.35 and a two-hundred day simple moving average of $13.84. Sigma Lithium Corporation has a 12-month low of $4.61 and a 12-month high of $24.48. The firm has a market cap of $1.38 billion, a price-to-earnings ratio of -51.08 and a beta of 0.64. 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 (NASDAQ:SGML) last released its quarterly earnings data on Friday, August 14th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate 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 company had revenue of $54.70 million during the quarter, compared to analysts’ expectations of $68.34 million. On average, equities analysts forecast that Sigma Lithium Corporation will post 0.45 EPS for the current year.

Wall Street Analysts Forecast Growth

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

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.