Sigma Lithium Corporation (NASDAQ:SGML) Receives $17.50 Consensus Price Target from Brokerages

Shares of Sigma Lithium Corporation (NASDAQ:SGML) have received an average recommendation of “Hold” from the six ratings firms that are covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $17.50.

A number of research analysts recently weighed in on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Sigma Lithium in a research report on Monday, December 29th. Bank of America upgraded shares of Sigma Lithium from an “underperform” rating to a “neutral” rating and set a $14.00 target price for the company in a research note on Tuesday, February 3rd. Canaccord Genuity Group upgraded Sigma Lithium from a “hold” rating to a “buy” rating in a research note on Friday, January 23rd. BMO Capital Markets reaffirmed an “outperform” rating and issued a $18.00 price objective on shares of Sigma Lithium in a report on Wednesday, January 14th. Finally, Citigroup cut Sigma Lithium from an “overweight” rating to an “underperform” rating in a research report on Thursday, January 8th.

Sigma Lithium Price Performance

SGML opened at $9.70 on Tuesday. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.32 and a current ratio of 0.49. The stock has a market capitalization of $1.08 billion, a P/E ratio of -31.29, a P/E/G ratio of 0.27 and a beta of -0.06. The company’s 50-day simple moving average is $12.41 and its two-hundred day simple moving average is $10.16. Sigma Lithium has a 52-week low of $4.25 and a 52-week high of $16.88.

Hedge Funds Weigh In On Sigma Lithium

Several institutional investors have recently made changes to their positions in SGML. Van ECK Associates Corp boosted its holdings in shares of Sigma Lithium by 142.8% in the third quarter. Van ECK Associates Corp now owns 4,606,668 shares of the company’s stock worth $29,529,000 after buying an additional 2,709,397 shares during the last quarter. Norges Bank bought a new position in Sigma Lithium in the second quarter worth approximately $11,250,000. Legal & General Group Plc boosted its stake in shares of Sigma Lithium by 101.7% during the 4th quarter. Legal & General Group Plc now owns 2,647,004 shares of the company’s stock worth $34,911,000 after acquiring an additional 1,334,772 shares during the last quarter. Encompass Capital Advisors LLC purchased a new position in shares of Sigma Lithium during the 4th quarter worth $16,463,000. Finally, Handelsbanken Fonder AB bought a new stake in shares of Sigma Lithium during the 3rd quarter valued at $4,130,000. Institutional investors own 64.86% of the company’s stock.

About Sigma Lithium

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.