Sigma Lithium Corporation (NASDAQ:SGML) Receives $18.50 Consensus Price Target from Analysts

Sigma Lithium Corporation (NASDAQ:SGML) has been assigned an average rating of “Hold” from the seven ratings firms that are currently covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a sell recommendation and four have issued a buy recommendation on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $17.3750.

SGML has been the topic of a number of recent research reports. Zacks Research cut shares of Sigma Lithium from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 19th. Weiss Ratings cut 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 note on Saturday, August 8th. Finally, JPMorgan Chase & Co. began coverage on Sigma Lithium in a report on Friday. They set an “overweight” rating and a $14.00 target price for the company.

Sigma Lithium Price Performance

Sigma Lithium stock opened at $10.27 on Tuesday. 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 business’s 50 day simple moving average is $10.91 and its 200 day simple moving average is $13.53. The company has a market cap of $1.16 billion, a price-to-earnings ratio of -42.79 and a beta of 0.64.

Sigma Lithium (NASDAQ:SGML) last posted its quarterly earnings results on Friday, August 14th. The company reported ($0.02) earnings per share 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 the consensus estimate of $68.34 million. Sigma Lithium had a negative return on equity of 37.40% and a negative net margin of 19.36%. Sell-side analysts forecast that Sigma Lithium will post 0.45 EPS for the current year.

Hedge Funds Weigh In On Sigma Lithium

Large investors have recently modified their holdings of the company. Handelsbanken Fonder AB increased its holdings in shares of Sigma Lithium by 23.2% in the second quarter. Handelsbanken Fonder AB now owns 1,498,133 shares of the company’s stock worth $18,951,000 after purchasing an additional 282,595 shares during the period. GSA Capital Partners LLP purchased a new position in Sigma Lithium during the second quarter worth about $2,512,000. Bank of America Corp DE increased its stake in Sigma Lithium by 138.4% in the 1st quarter. Bank of America Corp DE now owns 288,418 shares of the company’s stock worth $3,559,000 after acquiring an additional 167,443 shares during the last quarter. BlackRock Inc. bought a new position in Sigma Lithium in the 2nd quarter worth about $29,727,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of Sigma Lithium in the 2nd quarter valued at about $1,462,000. 64.86% of the stock is currently owned by institutional investors.

About Sigma Lithium

Sigma Lithium Corporation is a Canadian mining and technology company focused on the exploration, development, and production of lithium products for the electric vehicle and energy storage industries. Its principal operations are located in Brazil, where the company is developing and operating the Grota do Cirilo lithium project in the state of Minas Gerais.

Grota do Cirilo produces battery-grade lithium spodumene concentrate, a key raw material used to manufacture lithium-ion batteries.