Sigma Lithium Corporation (NASDAQ:SGML) Stock Has Average Price Target of $14.30

Shares of Sigma Lithium Corporation (NASDAQ:SGML) have earned a consensus recommendation of “Hold” from the eight brokerages that are presently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $14.30.

A number of brokerages have commented on SGML. JPMorgan Chase & Co. downgraded shares of Sigma Lithium from an “overweight” rating to a “neutral” rating and set a $11.00 target price on the stock. in a research note on Friday, October 2nd. Weiss Ratings downgraded shares of Sigma Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, August 13th. Zacks Research lowered Sigma Lithium from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 19th. Wall Street Zen lowered Sigma Lithium from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Finally, ATB Cormark Capital Markets raised Sigma Lithium from a “hold” rating to a “moderate buy” rating in a research note on Thursday, October 15th.

Institutional Investors Weigh In On Sigma Lithium

Hedge funds have recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of Sigma Lithium during the 2nd quarter worth $29,727,000. Handelsbanken Fonder AB raised its holdings in shares of Sigma Lithium by 23.2% in the second quarter. Handelsbanken Fonder AB now owns 1,498,133 shares of the company’s stock valued at $18,951,000 after acquiring an additional 282,595 shares in the last quarter. SIR Capital Management L.P. bought a new stake in shares of Sigma Lithium in the second quarter valued at about $4,754,000. Bank of America Corp DE lifted its stake in Sigma Lithium by 138.4% in the first quarter. Bank of America Corp DE now owns 288,418 shares of the company’s stock worth $3,559,000 after acquiring an additional 167,443 shares during the period. Finally, Legal & General Group Plc purchased a new stake in Sigma Lithium in the second quarter worth about $3,285,000. 64.86% of the stock is currently owned by hedge funds and other institutional investors.

Sigma Lithium Price Performance

Shares of SGML stock opened at $5.29 on Wednesday. Sigma Lithium has a 52-week low of $4.99 and a 52-week high of $24.48. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.34 and a quick ratio of 0.25. The stock has a 50 day moving average price of $8.86 and a 200 day moving average price of $12.51.

Sigma Lithium (NASDAQ:SGML) last posted its quarterly earnings results on Friday, August 14th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.25). Sigma Lithium had a negative return on equity of 37.40% and a negative net margin of 19.36%. The company had revenue of $54.70 million during the quarter, compared to the consensus estimate of $68.34 million. On average, research analysts forecast that Sigma Lithium will post 0.14 EPS for the current fiscal year.

About Sigma Lithium

Sigma Lithium is a Canadian mining company focused on developing and producing lithium for the electric-vehicle and energy-storage industries. Its principal asset is the Grota do Cirilo hard-rock lithium project in Minas Gerais, Brazil. The company produces lithium concentrate from spodumene ore at its Brazilian operations, supplying material used in the lithium-ion battery supply chain. Sigma began commercial production at Grota do Cirilo in 2023. Sigma Lithium has emphasized more sustainable production practices at the project, including processing methods designed to reduce water use and avoid conventional tailings dams.