Sigma Lithium Corporation (NASDAQ:SGML) Given Average Recommendation of “Reduce” by Brokerages

Shares of Sigma Lithium Corporation (NASDAQ:SGML) have received a consensus rating of “Reduce” from the six analysts that are presently covering the firm, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $17.1667.

A number of research analysts recently commented on the company. Zacks Research raised Sigma Lithium from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 25th. Canaccord Genuity Group upgraded shares of Sigma Lithium from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Citigroup downgraded shares of Sigma Lithium from an “overweight” rating to an “underperform” rating in a report on Thursday, January 8th. BMO Capital Markets reaffirmed an “outperform” rating and set a $18.00 target price on shares of Sigma Lithium in a research note on Wednesday, January 14th. Finally, Bank of America reiterated an “underperform” rating and issued a $13.00 price target (up from $11.00) on shares of Sigma Lithium in a report on Thursday, January 8th.

Sigma Lithium Trading Down 15.2%

Shares of SGML stock opened at $10.78 on Monday. Sigma Lithium has a 1 year low of $4.25 and a 1 year high of $16.87. The firm has a fifty day moving average price of $12.57 and a 200-day moving average price of $8.53. The company has a market cap of $1.20 billion and a price-to-earnings ratio of -34.77. 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 posted its quarterly earnings data on Friday, November 14th. The company reported ($0.10) earnings per share 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 firm had revenue of $28.55 million for the quarter, compared to analysts’ expectations of $70.54 million. As a group, equities analysts predict that Sigma Lithium will post -0.12 earnings per share for the current year.

Hedge Funds Weigh In On Sigma Lithium

A number of institutional investors and hedge funds have recently made changes to their positions in SGML. Kingswood Wealth Advisors LLC purchased a new position in shares of Sigma Lithium in the 4th quarter worth approximately $313,000. GF Fund Management CO. LTD. bought a new stake in Sigma Lithium in the fourth quarter worth $57,000. Farther Finance Advisors LLC bought a new stake in Sigma Lithium in the fourth quarter worth $51,000. Perigon Wealth Management LLC purchased a new position in Sigma Lithium during the fourth quarter worth $237,000. Finally, Woodline Partners LP increased its position in Sigma Lithium by 26.6% during the third quarter. Woodline Partners LP now owns 2,964,909 shares of the company’s stock valued at $19,005,000 after acquiring an additional 623,832 shares during the last quarter. 64.86% of the stock is owned by hedge funds and other 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.