Sigma Lithium (NASDAQ:SGML) Rating Increased to Buy at Wall Street Zen

Sigma Lithium (NASDAQ:SGML) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Sunday.

SGML has been the subject of several other reports. Bank of America raised Sigma Lithium from a “neutral” rating to a “buy” rating and upped their price objective for the company from $14.00 to $17.00 in a research note on Thursday, April 2nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sigma Lithium in a research note on Friday, March 27th. Finally, Zacks Research raised Sigma Lithium from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 21st. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $18.50.

Sigma Lithium Price Performance

Shares of NASDAQ:SGML opened at $13.65 on Friday. The company has a 50-day simple moving average of $17.40 and a 200-day simple moving average of $14.30. Sigma Lithium has a one year low of $4.25 and a one year high of $24.48. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.25 and a current ratio of 0.32. The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of -35.00 and a beta of 0.54.

Sigma Lithium (NASDAQ:SGML) last announced its earnings results on Friday, May 15th. The company reported $0.10 earnings per share for the quarter, hitting the consensus estimate of $0.10. Sigma Lithium had a negative net margin of 41.84% and a negative return on equity of 57.50%. The business had revenue of $42.34 million during the quarter, compared to the consensus estimate of $42.48 million. On average, analysts predict that Sigma Lithium will post 1.15 EPS for the current year.

Institutional Investors Weigh In On Sigma Lithium

A number of hedge funds and other institutional investors have recently bought and sold shares of SGML. Van ECK Associates Corp raised its position in Sigma Lithium by 142.8% during the third quarter. Van ECK Associates Corp now owns 4,606,668 shares of the company’s stock worth $29,529,000 after acquiring an additional 2,709,397 shares during the last quarter. Handelsbanken Fonder AB acquired a new stake in shares of Sigma Lithium in the third quarter valued at approximately $4,130,000. Waratah Capital Advisors Ltd. grew its position in shares of Sigma Lithium by 30.4% in the third quarter. Waratah Capital Advisors Ltd. now owns 296,330 shares of the company’s stock valued at $1,899,000 after purchasing an additional 69,000 shares during the last quarter. Aberdeen Group plc increased its stake in shares of Sigma Lithium by 136.7% during the 3rd quarter. Aberdeen Group plc now owns 98,269 shares of the company’s stock worth $630,000 after purchasing an additional 56,752 shares in the last quarter. Finally, Encompass Capital Advisors LLC purchased a new position in shares of Sigma Lithium during the 4th quarter worth approximately $16,463,000. 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.