Sigma Lithium (NASDAQ:SGML) Upgraded by Bank of America to Neutral Rating

Sigma Lithium (NASDAQ:SGML) was upgraded by investment analysts at Bank of America from an “underperform” rating to a “neutral” rating in a report released on Tuesday, Marketbeat reports. The brokerage currently has a $14.00 target price on the stock. Bank of America‘s price target suggests a potential upside of 29.63% from the stock’s previous close.

Several other analysts have also commented on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Sigma Lithium in a report on Monday, December 29th. Canaccord Genuity Group upgraded shares of Sigma Lithium from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Zacks Research raised shares of Sigma Lithium from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 25th. BMO Capital Markets reissued an “outperform” rating and set a $18.00 target price on shares of Sigma Lithium in a research note on Wednesday, January 14th. Finally, Citigroup downgraded Sigma Lithium from an “overweight” rating to an “underperform” rating in a research report on Thursday, January 8th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $17.50.

Sigma Lithium Price Performance

Shares of SGML opened at $10.80 on Tuesday. The business’s 50-day moving average is $12.59 and its two-hundred day moving average is $8.56. The company has a market capitalization of $1.20 billion and a P/E ratio of -34.84. Sigma Lithium has a fifty-two week low of $4.25 and a fifty-two week high of $16.87. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.32 and a current ratio of 0.49.

Sigma Lithium (NASDAQ:SGML) last released its quarterly earnings results 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 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%. Research 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 added to or reduced their stakes in SGML. Goldman Sachs Group Inc. grew its holdings in Sigma Lithium by 9.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 113,299 shares of the company’s stock valued at $1,178,000 after buying an additional 9,748 shares in the last quarter. Aberdeen Group plc purchased a new stake in shares of Sigma Lithium in the second quarter valued at about $187,000. Credit Industriel ET Commercial increased its position in Sigma Lithium by 177.8% during the second quarter. Credit Industriel ET Commercial now owns 250,000 shares of the company’s stock worth $1,125,000 after purchasing an additional 160,000 shares during the last quarter. Levin Capital Strategies L.P. raised its stake in Sigma Lithium by 125.0% during the second quarter. Levin Capital Strategies L.P. now owns 22,500 shares of the company’s stock worth $101,000 after purchasing an additional 12,500 shares during the period. Finally, Malaga Cove Capital LLC acquired a new position in Sigma Lithium in the 2nd quarter valued at about $52,000. Institutional investors and hedge funds own 64.86% of the company’s stock.

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.