Sigma Lithium (NASDAQ:SGML) Stock Rating Upgraded by Bank of America

Sigma Lithium (NASDAQ:SGML) was upgraded by research analysts at Bank of America from an “underperform” rating to a “neutral” rating in a report issued on Tuesday, MarketBeat.com reports. The brokerage presently has a $14.00 price objective on the stock. Bank of America‘s price objective points to a potential upside of 13.82% from the company’s previous close.

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

Sigma Lithium Trading Up 2.3%

Shares of SGML stock opened at $12.30 on Tuesday. The stock has a market cap of $1.37 billion and a P/E ratio of -39.68. Sigma Lithium has a 1 year low of $4.25 and a 1 year high of $16.87. The company has a current ratio of 0.49, a quick ratio of 0.32 and a debt-to-equity ratio of 1.38. The stock has a 50 day simple moving average of $12.67 and a 200 day simple moving average of $8.63.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SGML. Goldman Sachs Group Inc. grew its position in Sigma Lithium by 9.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 113,299 shares of the company’s stock worth $1,178,000 after acquiring an additional 9,748 shares during the last quarter. Aberdeen Group plc acquired a new stake in shares of Sigma Lithium during the second quarter valued at about $187,000. Credit Industriel ET Commercial grew its holdings in shares of Sigma Lithium by 177.8% during the second quarter. Credit Industriel ET Commercial now owns 250,000 shares of the company’s stock worth $1,125,000 after purchasing an additional 160,000 shares during the last quarter. Levin Capital Strategies L.P. increased its stake in shares of Sigma Lithium by 125.0% in the second quarter. Levin Capital Strategies L.P. now owns 22,500 shares of the company’s stock valued at $101,000 after buying an additional 12,500 shares during the period. Finally, Malaga Cove Capital LLC bought a new position in Sigma Lithium in the 2nd quarter valued at approximately $52,000. 64.86% of the stock is currently owned by institutional investors.

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.