Sigma Lithium (NASDAQ:SGML) Rating Increased to Buy at Bank of America

Sigma Lithium (NASDAQ:SGML) was upgraded by equities research analysts at Bank of America from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. The brokerage currently has a $17.00 price target on the stock, up from their previous price target of $14.00. Bank of America‘s price target would suggest a potential upside of 43.70% from the company’s previous close.

Several other equities research analysts also recently commented on the stock. Citigroup downgraded shares of Sigma Lithium from an “overweight” rating to an “underperform” rating in a research report on Thursday, January 8th. BMO Capital Markets reissued an “outperform” rating and set a $18.00 target price on shares of Sigma Lithium in a research note on Wednesday, January 14th. Canaccord Genuity Group upgraded Sigma Lithium from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sigma Lithium in a research report on Friday, March 27th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $18.50.

Sigma Lithium Trading Down 4.1%

Shares of SGML opened at $11.83 on Thursday. The business’s 50-day moving average price is $12.33 and its 200 day moving average price is $10.36. The company has a current ratio of 0.49, a quick ratio of 0.32 and a debt-to-equity ratio of 1.38. The stock has a market capitalization of $1.32 billion, a P/E ratio of -26.29, a P/E/G ratio of 0.31 and a beta of 0.04. Sigma Lithium has a 1-year low of $4.25 and a 1-year high of $16.88.

Sigma Lithium (NASDAQ:SGML) last posted its quarterly earnings data on Monday, March 30th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.10). Sigma Lithium had a negative net margin of 45.64% and a negative return on equity of 53.45%. The firm had revenue of $16.90 million for the quarter, compared to analysts’ expectations of $52.20 million. Analysts expect that Sigma Lithium will post -0.12 earnings per share for the current year.

Institutional Investors Weigh In On Sigma Lithium

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SGML. Van ECK Associates Corp grew its holdings in shares of Sigma Lithium by 142.8% during the 3rd quarter. Van ECK Associates Corp now owns 4,606,668 shares of the company’s stock valued at $29,529,000 after acquiring an additional 2,709,397 shares in the last quarter. Woodline Partners LP raised its holdings in shares of Sigma Lithium by 26.6% during the third 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. Legal & General Group Plc boosted its position in Sigma Lithium by 101.7% during the fourth quarter. Legal & General Group Plc now owns 2,647,004 shares of the company’s stock valued at $34,911,000 after purchasing an additional 1,334,772 shares during the last quarter. Norges Bank acquired a new stake in Sigma Lithium during the second quarter valued at $11,250,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Sigma Lithium by 24.9% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,550,713 shares of the company’s stock valued at $7,091,000 after purchasing an additional 309,338 shares in the last quarter. Hedge funds and other 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.