Sigma Lithium (NASDAQ:SGML) Upgraded at Canaccord Genuity Group

Sigma Lithium (NASDAQ:SGML) was upgraded by stock analysts at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a report released on Friday, Marketbeat.com reports.

Several other brokerages have also issued reports on SGML. Zacks Research upgraded Sigma Lithium from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 25th. Bank of America reaffirmed 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. Citigroup lowered shares of Sigma Lithium from an “overweight” rating to an “underperform” rating in a report on Thursday, January 8th. BMO Capital Markets restated an “outperform” rating and issued a $18.00 price objective on shares of Sigma Lithium in a research note on Wednesday, January 14th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Sigma Lithium in a research report on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Reduce” and an average price target of $17.17.

Sigma Lithium Stock Performance

Shares of SGML stock traded up $2.11 during trading hours on Friday, reaching $14.65. 4,847,630 shares of the company’s stock were exchanged, compared to its average volume of 5,731,006. The business has a fifty day moving average price of $12.04 and a 200-day moving average price of $8.19. The stock has a market capitalization of $1.63 billion and a P/E ratio of -47.24. 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 fifty-two week low of $4.25 and a fifty-two week high of $16.87.

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

Institutional Trading of Sigma Lithium

Several large investors have recently modified their holdings of SGML. Van ECK Associates Corp increased its stake in shares of Sigma Lithium by 142.8% in the 3rd quarter. Van ECK Associates Corp now owns 4,606,668 shares of the company’s stock valued at $29,529,000 after acquiring an additional 2,709,397 shares in the last quarter. Woodline Partners LP increased its stake in Sigma Lithium by 26.6% in the third quarter. Woodline Partners LP now owns 2,964,909 shares of the company’s stock valued at $19,005,000 after purchasing an additional 623,832 shares in the last quarter. Norges Bank acquired a new position in shares of Sigma Lithium during the second quarter valued at about $11,250,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Sigma Lithium by 24.9% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,550,713 shares of the company’s stock valued at $7,091,000 after purchasing an additional 309,338 shares during the period. Finally, Legal & General Group Plc boosted its position in shares of Sigma Lithium by 0.5% during the 3rd quarter. Legal & General Group Plc now owns 1,312,232 shares of the company’s stock worth $8,416,000 after purchasing an additional 7,157 shares in the last quarter. 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.