Sigma Lithium (NASDAQ:SGML) Cut to “Hold” at Canaccord Genuity Group

Canaccord Genuity Group cut shares of Sigma Lithium (NASDAQ:SGML) from a buy rating to a hold rating in a report released on Friday, MarketBeat.com reports. They currently have $20.50 price objective on the stock, up from their prior price objective of $14.00.

Several other analysts have also issued reports on SGML. Zacks Research upgraded Sigma Lithium from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 25th. Bank of America reiterated an “underperform” rating and set a $13.00 price objective (up previously from $11.00) on shares of Sigma Lithium in a research note on Thursday, January 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of Sigma Lithium in a research note on Monday, December 29th. BMO Capital Markets reaffirmed an “outperform” rating and set a $18.00 price target on shares of Sigma Lithium in a research report on Wednesday. Finally, Citigroup downgraded shares of Sigma Lithium from an “overweight” rating to an “underperform” rating in a research report on Thursday, January 8th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $17.17.

Sigma Lithium Trading Down 13.9%

Shares of NASDAQ SGML opened at $12.27 on Friday. Sigma Lithium has a twelve month low of $4.25 and a twelve month high of $16.87. The stock has a market cap of $1.37 billion and a price-to-earnings ratio of -39.58. The company has a quick ratio of 0.32, a current ratio of 0.49 and a debt-to-equity ratio of 1.38. The company’s fifty day moving average is $11.49 and its 200-day moving average is $8.02.

Sigma Lithium (NASDAQ:SGML) last announced its earnings results on Friday, November 14th. The company reported ($0.10) EPS for the quarter, hitting the consensus estimate of ($0.10). The firm had revenue of $28.55 million for the quarter, compared to the consensus estimate of $70.54 million. Sigma Lithium had a negative net margin of 24.13% and a negative return on equity of 35.97%. Equities research analysts predict that Sigma Lithium will post -0.12 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Perigon Wealth Management LLC acquired a new position in shares of Sigma Lithium during the 4th quarter worth $237,000. Woodline Partners LP grew its position in Sigma Lithium by 26.6% in the third 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 during the last quarter. XTX Topco Ltd acquired a new position in Sigma Lithium during the third quarter worth about $632,000. Verition Fund Management LLC bought a new position in shares of Sigma Lithium in the third quarter worth about $3,603,000. Finally, Millennium Management LLC lifted its holdings in shares of Sigma Lithium by 6.4% in the third quarter. Millennium Management LLC now owns 81,543 shares of the company’s stock worth $520,000 after acquiring an additional 4,909 shares during the last quarter. 64.86% of the stock is currently owned by institutional investors and hedge funds.

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.