Sigma Lithium (NASDAQ:SGML) Upgraded to Buy at Canaccord Genuity Group

Sigma Lithium (NASDAQ:SGML) was upgraded by investment analysts at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a research note issued on Friday, MarketBeat.com reports.

Several other research firms also recently weighed in on SGML. Zacks Research upgraded shares of Sigma Lithium from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 25th. Weiss Ratings restated a “sell (e+)” rating on shares of Sigma Lithium in a research note on Monday, December 29th. Bank of America restated an “underperform” rating and set a $13.00 price objective (up from $11.00) on shares of Sigma Lithium in a report on Thursday, January 8th. BMO Capital Markets restated an “outperform” rating and issued a $18.00 target price on shares of Sigma Lithium in a research note on Wednesday, January 14th. Finally, Citigroup cut Sigma Lithium from an “overweight” rating to an “underperform” rating in a research note on Thursday, January 8th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $17.17.

Sigma Lithium Stock Performance

NASDAQ SGML traded up $2.11 on Friday, reaching $14.65. The stock had a trading volume of 4,847,630 shares, compared to its average volume of 5,731,006. The business’s 50-day moving average price is $12.04 and its 200 day moving average price is $8.19. Sigma Lithium has a 12-month low of $4.25 and a 12-month high of $16.87. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.32 and a current ratio of 0.49. The stock has a market cap of $1.63 billion and a P/E ratio of -47.24.

Sigma Lithium (NASDAQ:SGML) last issued its quarterly earnings results on Friday, November 14th. The company reported ($0.10) earnings per share for the quarter, hitting the consensus estimate of ($0.10). Sigma Lithium had a negative return on equity of 35.97% and a negative net margin of 24.13%.The firm had revenue of $28.55 million during the quarter, compared to the consensus estimate of $70.54 million. As a group, equities analysts expect that Sigma Lithium will post -0.12 earnings per share for the current year.

Hedge Funds Weigh In On Sigma Lithium

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SGML. Van ECK Associates Corp boosted its holdings in Sigma Lithium by 142.8% in the third quarter. Van ECK Associates Corp now owns 4,606,668 shares of the company’s stock worth $29,529,000 after purchasing an additional 2,709,397 shares in the last quarter. Woodline Partners LP boosted its stake in shares of Sigma Lithium by 26.6% during the 3rd quarter. Woodline Partners LP now owns 2,964,909 shares of the company’s stock worth $19,005,000 after acquiring an additional 623,832 shares in the last quarter. Norges Bank acquired a new position in shares of Sigma Lithium during the 2nd quarter valued at about $11,250,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Sigma Lithium by 24.9% in 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 acquiring an additional 309,338 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in shares of Sigma Lithium by 0.5% in the 3rd quarter. Legal & General Group Plc now owns 1,312,232 shares of the company’s stock valued at $8,416,000 after acquiring an additional 7,157 shares in the last quarter. Institutional investors and hedge funds 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.