Sigma Lithium (NASDAQ:SGML) Upgraded to Hold at Zacks Research

Zacks Research upgraded shares of Sigma Lithium (NASDAQ:SGML) from a strong sell rating to a hold rating in a research report sent to investors on Tuesday,Zacks.com reports.

SGML has been the subject of several other research reports. Cormark upgraded Sigma Lithium to a “moderate buy” rating in a report on Thursday, August 21st. Wall Street Zen cut shares of Sigma Lithium from a “hold” rating to a “sell” rating in a research report on Saturday, August 16th. Bank of America downgraded shares of Sigma Lithium from a “buy” rating to a “neutral” rating and set a $7.00 target price for the company. in a report on Friday, October 24th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Sigma Lithium in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Sigma Lithium presently has a consensus rating of “Reduce” and a consensus target price of $7.00.

Sigma Lithium Stock Performance

Shares of SGML opened at $10.61 on Tuesday. Sigma Lithium has a 1 year low of $4.25 and a 1 year high of $14.00. The company’s 50 day simple moving average is $6.80 and its 200 day simple moving average is $6.11. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of -34.22 and a beta of 0.08. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.32 and a current ratio of 0.49.

Sigma Lithium (NASDAQ:SGML) last issued its quarterly earnings results on Friday, November 14th. The company reported ($0.10) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.10). The company had revenue of $28.55 million for the quarter, compared to analyst estimates of $70.54 million. Sigma Lithium had a negative return on equity of 35.97% and a negative net margin of 24.13%. On average, sell-side analysts predict that Sigma Lithium will post -0.12 EPS for the current year.

Institutional Trading of Sigma Lithium

Hedge funds have recently made changes to their positions in the company. Van ECK Associates Corp grew its stake in shares of Sigma Lithium by 142.8% during the third 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. Norges Bank acquired a new position in shares of Sigma Lithium in the 2nd quarter valued at approximately $11,250,000. Woodline Partners LP boosted its stake in shares of Sigma Lithium by 65.6% during the 1st quarter. Woodline Partners LP now owns 2,678,444 shares of the company’s stock valued at $27,856,000 after buying an additional 1,060,771 shares during the last quarter. CenterBook Partners LP increased its stake in shares of Sigma Lithium by 416.8% in the second quarter. CenterBook Partners LP now owns 816,515 shares of the company’s stock worth $3,674,000 after buying an additional 658,533 shares during the last quarter. Finally, Handelsbanken Fonder AB acquired a new stake in Sigma Lithium in the third quarter valued at $4,130,000. Hedge funds and other institutional investors own 64.86% of the company’s stock.

Sigma Lithium Company Profile

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.