Sigma Lithium’s (SGML) Underperform Rating Reiterated at Bank of America

Sigma Lithium (NASDAQ:SGML)‘s stock had its “underperform” rating reiterated by analysts at Bank of America in a research report issued on Thursday,Benzinga reports. They currently have a $13.00 target price on the stock, up from their prior target price of $11.00. Bank of America‘s target price points to a potential downside of 16.99% from the company’s current price.

SGML has been the subject of several other research reports. Zacks Research upgraded shares of Sigma Lithium from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 25th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sigma Lithium in a report on Monday, December 29th. Finally, Citigroup cut Sigma Lithium from an “overweight” rating to an “underperform” rating in a research note on Thursday. One research analyst has rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Strong Sell” and a consensus target price of $13.00.

Sigma Lithium Stock Down 3.5%

Shares of SGML opened at $15.66 on Thursday. The stock has a market capitalization of $1.74 billion and a PE ratio of -50.51. Sigma Lithium has a 1 year low of $4.25 and a 1 year high of $16.60. 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 company’s 50-day simple moving average is $10.24 and its 200-day simple moving average is $7.51.

Sigma Lithium (NASDAQ:SGML) last announced its quarterly earnings data on Friday, November 14th. The company reported ($0.10) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.10). Sigma Lithium had a negative net margin of 24.13% and a negative return on equity of 35.97%. The firm had revenue of $28.55 million during the quarter, compared to analysts’ expectations of $70.54 million. Analysts forecast that Sigma Lithium will post -0.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sigma Lithium

Several large investors have recently bought and sold shares of SGML. Van ECK Associates Corp lifted its holdings in Sigma Lithium by 142.8% during the 3rd 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. Woodline Partners LP raised its position in shares of Sigma Lithium by 26.6% during the 3rd quarter. Woodline Partners LP now owns 2,964,909 shares of the company’s stock worth $19,005,000 after acquiring an additional 623,832 shares in the last quarter. Norges Bank purchased a new stake in Sigma Lithium during the second quarter worth approximately $11,250,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Sigma Lithium by 24.9% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,550,713 shares of the company’s stock worth $7,091,000 after purchasing an additional 309,338 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in Sigma Lithium by 0.5% in the third quarter. Legal & General Group Plc now owns 1,312,232 shares of the company’s stock valued at $8,416,000 after purchasing an additional 7,157 shares in the last quarter. 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.