Sigma Lithium (NASDAQ:SGML) Upgraded by Zacks Research to Strong-Buy Rating

Zacks Research upgraded shares of Sigma Lithium (NASDAQ:SGML) from a hold rating to a strong-buy rating in a research note published on Thursday morning,Zacks.com reports.

A number of other research analysts have also commented on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Sigma Lithium in a research note on Friday, March 27th. Bank of America raised shares of Sigma Lithium from a “neutral” rating to a “buy” rating and boosted their price target for the company from $14.00 to $17.00 in a report on Thursday, April 2nd. Canaccord Genuity Group raised shares of Sigma Lithium from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Finally, Wall Street Zen upgraded shares of Sigma Lithium from a “hold” rating to a “buy” rating in a research report on Saturday. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.50.

Sigma Lithium Stock Down 4.3%

NASDAQ SGML opened at $14.88 on Thursday. Sigma Lithium has a twelve month low of $4.25 and a twelve month high of $24.48. The stock has a market cap of $1.66 billion, a PE ratio of -38.15 and a beta of 0.64. The firm has a 50-day simple moving average of $16.16 and a 200 day simple moving average of $13.29. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.14 and a current ratio of 0.32.

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

Institutional Investors Weigh In On Sigma Lithium

Several institutional investors and hedge funds have recently made changes to their positions in SGML. Bank of America Corp DE lifted its position in Sigma Lithium by 138.4% during the 1st quarter. Bank of America Corp DE now owns 288,418 shares of the company’s stock worth $3,559,000 after buying an additional 167,443 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Sigma Lithium by 18.6% during the first quarter. The Manufacturers Life Insurance Company now owns 242,990 shares of the company’s stock worth $2,989,000 after purchasing an additional 38,141 shares in the last quarter. Entropy Technologies LP grew its stake in shares of Sigma Lithium by 77.1% during the first quarter. Entropy Technologies LP now owns 31,349 shares of the company’s stock valued at $387,000 after purchasing an additional 13,649 shares during the last quarter. Ariose Capital Management Ltd acquired a new stake in shares of Sigma Lithium in the first quarter valued at approximately $3,826,000. Finally, Banque Cantonale Vaudoise raised its position in Sigma Lithium by 6.8% in the 1st quarter. Banque Cantonale Vaudoise now owns 55,143 shares of the company’s stock worth $679,000 after purchasing an additional 3,489 shares during the last quarter. 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.