Sigma Lithium (NASDAQ:SGML) Downgraded to Hold Rating by Canaccord Genuity Group

Sigma Lithium (NASDAQ:SGML) was downgraded by equities research analysts at Canaccord Genuity Group from a “buy” rating to a “hold” rating in a report issued on Friday.

A number of other analysts also recently issued reports on SGML. Weiss Ratings reissued a “sell (e+)” rating on shares of Sigma Lithium in a report on Monday, December 29th. Zacks Research raised 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 price target on shares of Sigma Lithium in a research report on Wednesday. Citigroup lowered Sigma Lithium from an “overweight” rating to an “underperform” rating in a report on Thursday, January 8th. Finally, Bank of America reiterated an “underperform” rating and issued a $13.00 target price (up from $11.00) on shares of Sigma Lithium in a research report on Thursday, January 8th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $15.50.

Sigma Lithium Stock Down 10.0%

NASDAQ SGML opened at $12.82 on Friday. The company has a quick ratio of 0.32, a current ratio of 0.49 and a debt-to-equity ratio of 1.38. Sigma Lithium has a 52 week low of $4.25 and a 52 week high of $16.87. The firm has a market capitalization of $1.43 billion and a price-to-earnings ratio of -40.41. The company has a fifty day moving average of $11.35 and a two-hundred day moving average of $7.92.

Sigma Lithium (NASDAQ:SGML) last announced its quarterly earnings data on Friday, November 14th. The company reported ($0.10) EPS for the quarter, meeting the consensus estimate of ($0.10). The company had revenue of $28.55 million for the quarter, compared to the consensus estimate 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, analysts predict that Sigma Lithium will post -0.12 earnings per share for the current year.

Institutional Investors Weigh In On Sigma Lithium

A number of hedge funds have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. increased its stake in Sigma Lithium by 9.4% in the first quarter. Goldman Sachs Group Inc. now owns 113,299 shares of the company’s stock valued at $1,178,000 after purchasing an additional 9,748 shares during the period. Aberdeen Group plc purchased a new position in shares of Sigma Lithium in the 2nd quarter valued at about $187,000. Credit Industriel ET Commercial grew its holdings 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 worth $1,125,000 after acquiring an additional 160,000 shares during the period. Levin Capital Strategies L.P. lifted its stake in Sigma Lithium by 125.0% in the 2nd 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 in the last quarter. Finally, Malaga Cove Capital LLC purchased a new stake in shares of Sigma Lithium in the second quarter valued at $52,000. 64.86% of the stock is currently owned by institutional investors and hedge funds.

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.