Sigma Lithium (NASDAQ:SGML) Coverage Initiated at JPMorgan Chase & Co.

Key Points

• JPMorgan initiated coverage of Sigma Lithium with an “overweight” rating and a $14 price target, implying approximately 57.7% upside from the reported $8.88 share price.
• Analyst sentiment is mixed: four analysts rate the stock a Buy and three rate it a Sell, resulting in a consensus “Hold” rating and an average target price of $17.38.
• Sigma Lithium missed quarterly expectations, reporting a $0.02 per-share loss versus the expected $0.23 profit and revenue of $54.7 million versus the $68.34 million forecast.

Stock analysts at JPMorgan Chase & Co. started coverage on shares of Sigma Lithium (NASDAQ:SGML - Get Free Report) in a research note issued on Friday, Briefing.com reports. The brokerage set an "overweight" rating and a $14.00 price target on the stock. JPMorgan Chase & Co.'s target price points to a potential upside of 57.66% from the company's current price.

Other equities research analysts also recently issued research reports about the company. Weiss Ratings downgraded Sigma Lithium from a "sell (d-)" rating to a "sell (e+)" rating in a report on Thursday, August 13th. Wall Street Zen cut Sigma Lithium from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Finally, Zacks Research downgraded Sigma Lithium from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 19th. Four investment analysts have rated the stock with a Buy rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $17.38.

Sigma Lithium Stock Performance

NASDAQ SGML opened at $8.88 on Friday. The stock has a fifty day simple moving average of $10.98 and a 200-day simple moving average of $13.58. The company has a current ratio of 0.34, a quick ratio of 0.25 and a debt-to-equity ratio of 1.25. The stock has a market cap of $999.62 million, a PE ratio of -37.00 and a beta of 0.64. Sigma Lithium has a twelve month low of $4.61 and a twelve month high of $24.48.

Sigma Lithium (NASDAQ:SGML - Get Free Report) last announced its earnings results on Friday, August 14th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.23 by ($0.25). Sigma Lithium had a negative net margin of 19.36% and a negative return on equity of 37.40%. The firm had revenue of $54.70 million during the quarter, compared to analysts' expectations of $68.34 million. Equities analysts anticipate that Sigma Lithium will post 0.45 earnings per share for the current year.

Hedge Funds Weigh In On Sigma Lithium

Several institutional investors have recently bought and sold shares of SGML. State of Wyoming purchased a new stake in shares of Sigma Lithium in the second quarter valued at approximately $109,000. Deutsche Bank AG purchased a new position in Sigma Lithium in the second quarter worth $116,000. Public Employees Retirement System of Ohio acquired a new stake in Sigma Lithium in the second quarter valued at $128,000. Wellington Management Group LLP acquired a new stake in Sigma Lithium in the second quarter valued at $286,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of Sigma Lithium during the 4th quarter worth $298,000. 64.86% of the stock is owned by institutional investors and hedge funds.

About Sigma Lithium

Sigma Lithium Corporation is a Canadian mining and technology company focused on the exploration, development, and production of lithium products for the electric vehicle and energy storage industries. Its principal operations are located in Brazil, where the company is developing and operating the Grota do Cirilo lithium project in the state of Minas Gerais.

Grota do Cirilo produces battery-grade lithium spodumene concentrate, a key raw material used to manufacture lithium-ion batteries.

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