Sigma Lithium (NASDAQ:SGML) Cut to “Hold” at Zacks Research

Zacks Research cut shares of Sigma Lithium (NASDAQ:SGML) from a strong-buy rating to a hold rating in a research note issued to investors on Monday morning,Zacks.com reports.

A number of other research firms also recently weighed in on SGML. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sigma Lithium in a report on Wednesday, June 24th. Bank of America upgraded Sigma Lithium from a “neutral” rating to a “buy” rating and raised their target price for the company from $14.00 to $17.00 in a research note on Thursday, April 2nd. Finally, Wall Street Zen upgraded Sigma Lithium from a “hold” rating to a “buy” rating in a research report on Sunday, June 21st. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Sigma Lithium has an average rating of “Hold” and an average target price of $18.50.

Sigma Lithium Trading Down 3.1%

Shares of SGML opened at $10.16 on Monday. Sigma Lithium has a 1-year low of $4.61 and a 1-year high of $24.48. The company has a current ratio of 0.32, a quick ratio of 0.25 and a debt-to-equity ratio of 0.21. The firm’s 50-day moving average price is $13.54 and its 200-day moving average price is $14.29. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of -26.05 and a beta of 0.58.

Sigma Lithium (NASDAQ:SGML) last released its quarterly earnings results on Friday, May 15th. The company reported $0.10 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.10. Sigma Lithium had a negative net margin of 41.84% and a negative return on equity of 57.50%. The company had revenue of $16.90 million during the quarter, compared to the consensus estimate of $42.48 million. Sell-side analysts anticipate that Sigma Lithium will post 1.15 EPS for the current year.

Hedge Funds Weigh In On Sigma Lithium

A number of hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets grew its holdings in shares of Sigma Lithium by 15.9% in the second 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 period. Banque Cantonale Vaudoise raised its holdings in Sigma Lithium by 6.8% in the 1st quarter. Banque Cantonale Vaudoise now owns 55,143 shares of the company’s stock worth $679,000 after purchasing an additional 3,489 shares during the period. Farther Finance Advisors LLC purchased a new position in Sigma Lithium during the fourth quarter valued at $51,000. Virtu Financial LLC lifted its position in Sigma Lithium by 26.6% during the third quarter. Virtu Financial LLC now owns 20,053 shares of the company’s stock valued at $129,000 after purchasing an additional 4,210 shares in the last quarter. Finally, GF Fund Management CO. LTD. bought a new stake in Sigma Lithium during the fourth quarter valued at about $57,000. Hedge funds and other institutional investors own 64.86% of the company’s stock.

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.