Sigma Lithium (NASDAQ:SGML) Trading 9.9% Higher After Analyst Upgrade

Sigma Lithium Corporation (NASDAQ:SGML)’s stock price traded up 9.9% on Tuesday after Bank of America upgraded the stock from an underperform rating to a neutral rating. Bank of America now has a $14.00 price target on the stock. Sigma Lithium traded as high as $11.89 and last traded at $11.87. 1,365,213 shares were traded during trading, a decline of 73% from the average session volume of 5,013,937 shares. The stock had previously closed at $10.80.

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

Hedge Funds Weigh In On Sigma Lithium

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Waratah Capital Advisors Ltd. raised its holdings in shares of Sigma Lithium by 93.0% during the 2nd quarter. Waratah Capital Advisors Ltd. now owns 227,330 shares of the company’s stock worth $1,023,000 after buying an additional 109,530 shares in the last quarter. CenterBook Partners LP grew its position in Sigma Lithium by 416.8% in the second quarter. CenterBook Partners LP now owns 816,515 shares of the company’s stock valued at $3,674,000 after acquiring an additional 658,533 shares during the last quarter. Aberdeen Group plc acquired a new position in Sigma Lithium during the second quarter worth about $187,000. Monaco Asset Management SAM bought a new position in shares of Sigma Lithium in the second quarter worth about $225,000. Finally, Credit Industriel ET Commercial boosted its stake in shares of Sigma Lithium by 177.8% in the 2nd quarter. Credit Industriel ET Commercial now owns 250,000 shares of the company’s stock valued at $1,125,000 after purchasing an additional 160,000 shares in the last quarter. 64.86% of the stock is currently owned by institutional investors and hedge funds.

Sigma Lithium Price Performance

The business’s 50-day simple moving average is $12.67 and its two-hundred day simple moving average is $8.63. The stock has a market cap of $1.37 billion and a price-to-earnings ratio of -39.68. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.49 and a quick ratio of 0.32.

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

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.