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

Sigma Lithium (NASDAQ:SGML) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Wednesday,Zacks.com reports.

Other equities research analysts have also issued reports about the company. Weiss Ratings lowered Sigma Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, August 13th. Wall Street Zen lowered shares of Sigma Lithium from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Three research analysts have rated the stock with a Buy rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $18.50.

Sigma Lithium Price Performance

SGML stock opened at $10.73 on Wednesday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.25 and a current ratio of 0.34. The business has a 50-day simple moving average of $11.66 and a two-hundred day simple moving average of $13.83. The company has a market capitalization of $1.21 billion, a P/E ratio of -44.71 and a beta of 0.61. Sigma Lithium has a 52-week low of $4.61 and a 52-week high of $24.48.

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

Institutional Investors Weigh In On Sigma Lithium

A number of hedge funds have recently made changes to their positions in the business. Farther Finance Advisors LLC purchased a new stake in Sigma Lithium during the fourth quarter worth about $51,000. BTG Pactual Asset Management US LLC bought a new position in shares of Sigma Lithium during the 3rd quarter valued at approximately $71,000. Quantbot Technologies LP purchased a new stake in shares of Sigma Lithium during the 3rd quarter worth approximately $82,000. Nebula Research & Development LLC bought a new stake in shares of Sigma Lithium in the 2nd quarter worth approximately $87,000. Finally, Banque Cantonale Vaudoise lifted its stake in Sigma Lithium by 7,339.9% in the third quarter. Banque Cantonale Vaudoise now owns 15,103 shares of the company’s stock valued at $97,000 after purchasing an additional 14,900 shares during the last quarter. 64.86% of the stock is currently owned by institutional investors.

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.