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

Canaccord Genuity Group upgraded shares of Sigma Lithium (NASDAQ:SGML) from a hold rating to a buy rating in a report released on Friday, Marketbeat.com reports.

A number of other brokerages also recently issued reports on SGML. BMO Capital Markets restated an “outperform” rating and set a $18.00 price target on shares of Sigma Lithium in a report on Wednesday, January 14th. Zacks Research upgraded Sigma Lithium from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 25th. Citigroup downgraded Sigma Lithium from an “overweight” rating to an “underperform” rating in a research report on Thursday, January 8th. Bank of America reaffirmed an “underperform” rating and issued a $13.00 price target (up previously from $11.00) on shares of Sigma Lithium in a research note on Thursday, January 8th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Sigma Lithium in a research report on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $17.17.

Sigma Lithium Stock Up 17.5%

Shares of SGML opened at $14.74 on Friday. Sigma Lithium has a 52-week low of $4.25 and a 52-week high of $16.87. 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 fifty day simple moving average of $12.21 and a two-hundred day simple moving average of $8.29. The company has a market capitalization of $1.64 billion and a PE ratio of -47.55.

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

Hedge Funds Weigh In On Sigma Lithium

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC acquired a new position in shares of Sigma Lithium during the fourth quarter worth about $51,000. Malaga Cove Capital LLC acquired a new position in Sigma Lithium during the 2nd quarter worth approximately $52,000. BTG Pactual Asset Management US LLC acquired a new position in Sigma Lithium during the 3rd quarter worth approximately $71,000. Quantbot Technologies LP purchased a new stake in shares of Sigma Lithium in the 3rd quarter valued at approximately $82,000. Finally, Hunting Hill Global Capital LLC acquired a new stake in shares of Sigma Lithium in the 2nd quarter valued at $86,000. Hedge funds and other 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.