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

Bank of America upgraded shares of Sigma Lithium (NASDAQ:SGML) from a neutral rating to a buy rating in a research report released on Thursday morning, Marketbeat Ratings reports. Bank of America currently has $17.00 target price on the stock, up from their previous target price of $14.00.

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

Sigma Lithium Price Performance

Shares of SGML stock opened at $14.37 on Thursday. The stock’s fifty day moving average price is $12.36 and its 200 day moving average price is $10.48. Sigma Lithium has a 1-year low of $4.25 and a 1-year high of $16.88. The company has a market cap of $1.60 billion, a price-to-earnings ratio of -31.93, a price-to-earnings-growth ratio of 0.29 and a beta of 0.04. 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 released its quarterly earnings results on Monday, March 30th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.10). The business had revenue of $16.90 million during the quarter, compared to analysts’ expectations of $52.20 million. Sigma Lithium had a negative net margin of 45.64% and a negative return on equity of 53.45%. On average, research analysts expect that Sigma Lithium will post -0.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sigma Lithium

A number of institutional investors and hedge funds have recently modified their holdings of the company. Farther Finance Advisors LLC acquired a new position in Sigma Lithium in the 4th quarter worth approximately $51,000. GF Fund Management CO. LTD. acquired a new stake in Sigma Lithium during the 4th quarter valued at approximately $57,000. BTG Pactual Asset Management US LLC acquired a new stake in Sigma Lithium during the 3rd quarter valued at approximately $71,000. Quantbot Technologies LP purchased a new stake in shares of Sigma Lithium in the 3rd quarter valued at $82,000. Finally, Hunting Hill Global Capital LLC purchased a new stake in shares of Sigma Lithium in the 2nd quarter valued at $86,000. Institutional investors and hedge funds own 64.86% of the company’s stock.

Sigma Lithium Company Profile

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.