Sigma Lithium (NASDAQ:SGML) Price Target Cut to $16.00 by Analysts at Bank of America

Sigma Lithium (NASDAQ:SGML) had its price objective cut by equities researchers at Bank of America from $25.00 to $16.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s price objective would suggest a potential upside of 35.48% from the company’s current price.

Sigma Lithium Trading Down 0.8 %

Shares of Sigma Lithium stock traded down $0.10 on Tuesday, hitting $11.81. 135,238 shares of the company’s stock traded hands, compared to its average volume of 599,861. The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of -24.60 and a beta of 0.23. The company has a fifty day moving average of $12.57 and a two-hundred day moving average of $12.01. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.84 and a quick ratio of 0.72. Sigma Lithium has a one year low of $8.47 and a one year high of $27.20.

Institutional Investors Weigh In On Sigma Lithium

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Tidal Investments LLC increased its holdings in shares of Sigma Lithium by 43.4% during the third quarter. Tidal Investments LLC now owns 63,422 shares of the company’s stock valued at $784,000 after acquiring an additional 19,193 shares in the last quarter. Geode Capital Management LLC raised its holdings in Sigma Lithium by 8.4% during the third quarter. Geode Capital Management LLC now owns 117,125 shares of the company’s stock worth $1,448,000 after buying an additional 9,049 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Sigma Lithium during the third quarter worth $122,000. Y Intercept Hong Kong Ltd bought a new position in shares of Sigma Lithium in the third quarter valued at $299,000. Finally, State Street Corp bought a new stake in shares of Sigma Lithium during the third quarter worth about $1,831,000. 64.86% of the stock is owned by institutional investors.

About Sigma Lithium

Sigma Lithium Corporation engages in the exploration and development of lithium deposits in Brazil. It holds a 100% interest in the Grota do Cirilo, Genipapo, Santa Clara, and São José properties comprising 29 mineral rights covering an area of approximately 185 square kilometers located in the Araçuaí and Itinga regions of the state of Minas Gerais, Brazil.