Sigma Lithium (NASDAQ:SGML) Stock Price Down 7.2% After Analyst Downgrade

Sigma Lithium Corporation (NASDAQ:SGML) shares dropped 7.2% during mid-day trading on Monday after Bank of America downgraded the stock from a buy rating to a neutral rating. Bank of America now has a $7.00 price target on the stock. Sigma Lithium traded as low as $5.59 and last traded at $5.59. Approximately 4,307,884 shares changed hands during trading, an increase of 124% from the average daily volume of 1,921,479 shares. The stock had previously closed at $6.02.

SGML has been the topic of a number of other reports. Weiss Ratings restated a “sell (d-)” rating on shares of Sigma Lithium in a research report on Wednesday, October 8th. Cormark raised shares of Sigma Lithium to a “moderate buy” rating in a report on Thursday, August 21st. Finally, Wall Street Zen lowered shares of Sigma Lithium from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $7.00.

Institutional Investors Weigh In On Sigma Lithium

Several large investors have recently made changes to their positions in SGML. Malaga Cove Capital LLC bought a new stake in shares of Sigma Lithium in the 2nd quarter worth about $52,000. Hunting Hill Global Capital LLC bought a new stake in shares of Sigma Lithium during the second quarter worth $86,000. Nebula Research & Development LLC bought a new stake in shares of Sigma Lithium during the second quarter worth $87,000. BNP Paribas Financial Markets grew its holdings in 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. grew 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 worth $101,000 after acquiring an additional 12,500 shares during the last quarter. Institutional investors own 64.86% of the company’s stock.

Sigma Lithium Trading Down 6.6%

The business’s fifty day simple moving average is $6.37 and its 200 day simple moving average is $6.22. 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 stock has a market cap of $625.84 million, a P/E ratio of -12.77 and a beta of 0.08.

Sigma Lithium (NASDAQ:SGML) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.14). The company had revenue of $16.89 million for the quarter, compared to the consensus estimate of $50.44 million. Sigma Lithium had a negative net margin of 35.69% and a negative return on equity of 47.19%. As a group, analysts expect that Sigma Lithium Corporation will post -0.12 EPS for the current year.

Sigma Lithium Company Profile

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.