Sigma Lithium (NASDAQ:SGML) Lowered to Strong Sell Rating by Zacks Research

Zacks Research downgraded shares of Sigma Lithium (NASDAQ:SGML) from a hold rating to a strong sell rating in a research note published on Wednesday,Zacks.com reports.

Several other analysts also recently issued reports on SGML. Weiss Ratings downgraded shares of Sigma Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 13th. Wall Street Zen downgraded Sigma Lithium from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Three equities research analysts have rated the stock with a Buy rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Sigma Lithium has an average rating of “Hold” and an average price target of $18.50.

Sigma Lithium Trading Down 1.9%

Shares of Sigma Lithium stock opened at $10.73 on Wednesday. The company has a 50-day moving average of $11.66 and a two-hundred day moving average of $13.83. Sigma Lithium has a 12-month low of $4.61 and a 12-month high of $24.48. The company has a current ratio of 0.34, a quick ratio of 0.25 and a debt-to-equity ratio of 1.25. The stock has a market cap of $1.21 billion, a PE ratio of -44.71 and a beta of 0.61.

Sigma Lithium (NASDAQ:SGML) last issued its quarterly earnings data on Friday, August 14th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.25). The firm had revenue of $54.70 million for the quarter, compared to analyst estimates of $68.34 million. Sigma Lithium had a negative return on equity of 37.40% and a negative net margin of 19.36%. On average, research analysts anticipate that Sigma Lithium will post 0.45 EPS for the current fiscal year.

Hedge Funds Weigh In On Sigma Lithium

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in Sigma Lithium in the second quarter valued at approximately $29,727,000. Legal & General Group Plc increased its position in shares of Sigma Lithium by 101.7% in the fourth quarter. Legal & General Group Plc now owns 2,647,004 shares of the company’s stock worth $34,911,000 after acquiring an additional 1,334,772 shares in the last quarter. Encompass Capital Advisors LLC purchased a new position in shares of Sigma Lithium in the 4th quarter valued at $16,463,000. Woodline Partners LP lifted its holdings in shares of Sigma Lithium by 26.6% during the 3rd 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 in the last quarter. Finally, Verition Fund Management LLC purchased a new stake in Sigma Lithium during the 3rd quarter worth $3,603,000. 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.