Sigma Lithium (NASDAQ:SGML) Shares Up 9.9% After Analyst Upgrade

Sigma Lithium Corporation (NASDAQ:SGML) shares shot up 9.9% on Tuesday after Bank of America upgraded the stock from an underperform rating to a neutral rating. Bank of America now has a $14.00 price target on the stock. Sigma Lithium traded as high as $11.89 and last traded at $11.87. 1,365,213 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 5,013,937 shares. The stock had previously closed at $10.80.

SGML has been the topic of several other research reports. Citigroup downgraded Sigma Lithium from an “overweight” rating to an “underperform” rating in a research note on Thursday, January 8th. BMO Capital Markets restated an “outperform” rating and set a $18.00 price objective on shares of Sigma Lithium in a research note on Wednesday, January 14th. Weiss Ratings reissued a “sell (e+)” rating on shares of Sigma Lithium in a report on Monday, December 29th. Zacks Research raised shares of Sigma Lithium from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 25th. Finally, Canaccord Genuity Group upgraded shares of Sigma Lithium from a “hold” rating to a “buy” rating in a research note on Friday, January 23rd. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Sigma Lithium presently has an average rating of “Hold” and an average price target of $17.50.

Institutional Investors Weigh In On Sigma Lithium

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Farther Finance Advisors LLC acquired a new stake in shares of Sigma Lithium in the 4th quarter valued at about $51,000. Malaga Cove Capital LLC bought a new position in Sigma Lithium in the second quarter worth approximately $52,000. GF Fund Management CO. LTD. bought a new position in Sigma Lithium in the fourth quarter worth approximately $57,000. BTG Pactual Asset Management US LLC acquired a new stake in Sigma Lithium in the third quarter valued at approximately $71,000. Finally, Quantbot Technologies LP bought a new stake in shares of Sigma Lithium during the third quarter valued at approximately $82,000. 64.86% of the stock is owned by institutional investors.

Sigma Lithium Price Performance

The business has a 50-day moving average price of $12.59 and a two-hundred day moving average price of $8.56. 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 has a market capitalization of $1.35 billion and a price-to-earnings ratio of -38.82.

Sigma Lithium (NASDAQ:SGML) last released 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). The firm had revenue of $28.55 million for the quarter, compared to analyst estimates of $70.54 million. Sigma Lithium had a negative net margin of 24.13% and a negative return on equity of 35.97%. As a group, research analysts anticipate that Sigma Lithium Corporation will post -0.12 EPS for the current year.

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.