Sigma Lithium (NASDAQ:SGML) Shares Down 8.2% Following Analyst Downgrade

Sigma Lithium Corporation (NASDAQ:SGML)’s share price dropped 8.2% during trading on Tuesday after Bank of America lowered their price target on the stock from $12.00 to $10.00. Bank of America currently has a buy rating on the stock. Sigma Lithium traded as low as $6.05 and last traded at $6.36. Approximately 1,710,853 shares were traded during mid-day trading, a decline of 2% from the average daily volume of 1,750,947 shares. The stock had previously closed at $6.93.

Several other brokerages have also recently weighed in on SGML. Cormark upgraded shares of Sigma Lithium to a “moderate buy” rating in a research report on Thursday, August 21st. Wall Street Zen downgraded shares of Sigma Lithium from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Sigma Lithium in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Sigma Lithium has an average rating of “Hold” and an average price target of $10.00.

Hedge Funds Weigh In On Sigma Lithium

A number of large investors have recently made changes to their positions in the company. Malaga Cove Capital LLC purchased a new stake in Sigma Lithium in the 2nd quarter worth about $52,000. Hunting Hill Global Capital LLC purchased a new stake in shares of Sigma Lithium in the second quarter worth approximately $86,000. Nebula Research & Development LLC purchased a new stake in shares of Sigma Lithium in the second quarter worth approximately $87,000. BNP Paribas Financial Markets lifted its stake in shares of Sigma Lithium by 15.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 21,897 shares of the company’s stock worth $99,000 after acquiring an additional 3,005 shares during the last quarter. Finally, Levin Capital Strategies L.P. boosted its holdings in Sigma Lithium by 125.0% during the 2nd quarter. Levin Capital Strategies L.P. now owns 22,500 shares of the company’s stock valued at $101,000 after acquiring an additional 12,500 shares during the period. 64.86% of the stock is owned by hedge funds and other institutional investors.

Sigma Lithium Stock Down 8.5%

The company has a current ratio of 0.60, a quick ratio of 0.39 and a debt-to-equity ratio of 1.26. The company has a 50-day simple moving average of $6.30 and a 200 day simple moving average of $6.39. The company has a market cap of $706.04 million, a P/E ratio of -14.41 and a beta of 0.08.

Sigma Lithium (NASDAQ:SGML) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.14). The firm had revenue of $16.89 million during the quarter, compared to analysts’ expectations of $50.44 million. Sigma Lithium had a negative net margin of 35.69% and a negative return on equity of 47.19%. On average, equities analysts anticipate that Sigma Lithium Corporation will post -0.12 EPS for the current year.

About Sigma Lithium

Sigma Lithium Corporation engages in the exploration and development of lithium deposits in Brazil. It holds a 100% interest in the Grota do Cirilo, Genipapo, Santa Clara, and São José properties comprising 29 mineral rights covering an area of approximately 185 square kilometers located in the Araçuaí and Itinga regions of the state of Minas Gerais, Brazil.