Sigma Lithium (NASDAQ:SGML) Upgraded at Bank of America

Sigma Lithium (NASDAQ:SGML) was upgraded by stock analysts at Bank of America from a “neutral” rating to a “buy” rating in a report released on Thursday, MarketBeat reports. The firm presently has a $17.00 target price on the stock, up from their previous target price of $14.00. Bank of America‘s price target would indicate a potential upside of 43.70% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on the stock. BMO Capital Markets reiterated an “outperform” rating and issued a $18.00 price objective on shares of Sigma Lithium in a report on Wednesday, January 14th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sigma Lithium in a research report on Friday, March 27th. Citigroup downgraded Sigma Lithium from an “overweight” rating to an “underperform” rating in a research note on Thursday, January 8th. Finally, Canaccord Genuity Group raised Sigma Lithium from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Sigma Lithium presently has a consensus rating of “Hold” and an average price target of $18.50.

Sigma Lithium Price Performance

NASDAQ SGML opened at $11.83 on Thursday. 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 stock has a market capitalization of $1.32 billion, a PE ratio of -26.29, a price-to-earnings-growth ratio of 0.31 and a beta of 0.04. Sigma Lithium has a 12-month low of $4.25 and a 12-month high of $16.88. The company has a 50 day moving average price of $12.33 and a two-hundred day moving average price of $10.36.

Sigma Lithium (NASDAQ:SGML) last announced its quarterly earnings results on Monday, March 30th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.10). The business had revenue of $16.90 million for the quarter, compared to analyst estimates of $52.20 million. Sigma Lithium had a negative return on equity of 53.45% and a negative net margin of 45.64%. As a group, equities analysts predict that Sigma Lithium will post -0.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SGML. Farther Finance Advisors LLC acquired a new position in Sigma Lithium during the 4th quarter worth $51,000. GF Fund Management CO. LTD. acquired a new stake in shares of Sigma Lithium in the fourth quarter valued at about $57,000. BTG Pactual Asset Management US LLC bought a new position in shares of Sigma Lithium in the third quarter worth about $71,000. Quantbot Technologies LP acquired a new position in shares of Sigma Lithium during the 3rd quarter worth about $82,000. Finally, Hunting Hill Global Capital LLC acquired a new position in shares of Sigma Lithium during the 2nd quarter worth about $86,000. 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.