Sigma Lithium (NASDAQ:SGML) Rating Increased to Strong-Buy at Zacks Research

Sigma Lithium (NASDAQ:SGML) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Thursday,Zacks.com reports.

A number of other brokerages have also weighed in on SGML. Bank of America raised shares of Sigma Lithium from a “neutral” rating to a “buy” rating and upped their target price for the stock from $14.00 to $17.00 in a research note on Thursday, April 2nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sigma Lithium in a research note on Friday, March 27th. Wall Street Zen raised shares of Sigma Lithium from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Canaccord Genuity Group raised shares of Sigma Lithium from a “hold” rating to a “buy” rating in a research note on Friday, January 23rd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $18.50.

Sigma Lithium Price Performance

Shares of NASDAQ SGML opened at $14.88 on Thursday. The firm has a market cap of $1.66 billion, a PE ratio of -38.15 and a beta of 0.64. The company has a current ratio of 0.32, a quick ratio of 0.14 and a debt-to-equity ratio of 0.21. Sigma Lithium has a 1-year low of $4.25 and a 1-year high of $24.48. The company has a fifty day moving average price of $16.16 and a 200 day moving average price of $13.29.

Sigma Lithium (NASDAQ:SGML) last announced its earnings results on Friday, May 15th. The company reported $0.10 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.10. The firm had revenue of $42.34 million during the quarter, compared to analyst estimates of $42.48 million. Sigma Lithium had a negative net margin of 41.84% and a negative return on equity of 57.50%. Research analysts predict that Sigma Lithium will post 1.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sigma Lithium

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Old West Investment Management LLC lifted its position in Sigma Lithium by 1,163.3% during the 3rd quarter. Old West Investment Management LLC now owns 651,892 shares of the company’s stock worth $4,179,000 after buying an additional 600,291 shares in the last quarter. Van ECK Associates Corp lifted its position 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 in the last quarter. Handelsbanken Fonder AB bought a new stake in Sigma Lithium during the 3rd quarter worth about $4,130,000. Alps Advisors Inc. lifted its position in Sigma Lithium by 37.1% during the 3rd quarter. Alps Advisors Inc. now owns 269,446 shares of the company’s stock worth $1,727,000 after buying an additional 72,979 shares in the last quarter. Finally, Waratah Capital Advisors Ltd. lifted its position in Sigma Lithium by 30.4% during the 3rd quarter. Waratah Capital Advisors Ltd. now owns 296,330 shares of the company’s stock worth $1,899,000 after buying an additional 69,000 shares in the last quarter. 64.86% of the stock is owned by institutional investors.

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.