Sigma Lithium (NASDAQ:SGML) Rating Increased to Neutral at Bank of America

Sigma Lithium (NASDAQ:SGML) was upgraded by analysts at Bank of America from an “underperform” rating to a “neutral” rating in a research note issued to investors on Tuesday, MarketBeat.com reports. The brokerage presently has a $14.00 target price on the stock. Bank of America‘s price target would suggest a potential upside of 29.63% from the stock’s previous close.

Several other analysts also recently issued reports on the stock. Zacks Research raised shares of Sigma Lithium from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 25th. Canaccord Genuity Group upgraded Sigma Lithium from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Citigroup lowered Sigma Lithium from an “overweight” rating to an “underperform” rating in a research note on Thursday, January 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sigma Lithium in a research report on Monday, December 29th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $18.00 price target on shares of Sigma Lithium in a report on Wednesday, January 14th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $17.50.

Sigma Lithium Stock Up 0.2%

Shares of SGML opened at $10.80 on Tuesday. The company has a quick ratio of 0.32, a current ratio of 0.49 and a debt-to-equity ratio of 1.38. The business has a fifty day moving average of $12.59 and a 200 day moving average of $8.56. The company has a market cap of $1.20 billion and a PE ratio of -34.84. Sigma Lithium has a 52-week low of $4.25 and a 52-week high of $16.87.

Sigma Lithium (NASDAQ:SGML) last posted its quarterly earnings data on Friday, November 14th. The company reported ($0.10) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.10). The business had revenue of $28.55 million for the quarter, compared to analysts’ expectations of $70.54 million. Sigma Lithium had a negative net margin of 24.13% and a negative return on equity of 35.97%. On average, sell-side analysts expect that Sigma Lithium will post -0.12 EPS for the current year.

Institutional Investors Weigh In On Sigma Lithium

Large investors have recently modified their holdings of the business. BNP Paribas Financial Markets grew its stake in Sigma Lithium by 15.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 21,897 shares of the company’s stock worth $99,000 after buying an additional 3,005 shares during the last quarter. Farther Finance Advisors LLC purchased a new position in shares of Sigma Lithium in the 4th quarter valued at approximately $51,000. Virtu Financial LLC increased its stake in Sigma Lithium by 26.6% during the 3rd quarter. Virtu Financial LLC now owns 20,053 shares of the company’s stock valued at $129,000 after purchasing an additional 4,210 shares in the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of Sigma Lithium during the fourth quarter worth $57,000. Finally, Electron Capital Partners LLC grew its holdings in shares of Sigma Lithium by 0.4% during the second quarter. Electron Capital Partners LLC now owns 1,067,947 shares of the company’s stock valued at $4,806,000 after buying an additional 4,557 shares during the last quarter. Institutional investors own 64.86% of the company’s stock.

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.