Sigma Lithium Corporation $SGML Position Lifted by Bank of America Corp DE

Key Points

• Bank of America increased its Sigma Lithium stake by 138.4% in the first quarter, reaching 288,418 shares valued at approximately $3.56 million. Institutional investors collectively own 64.86% of the company.
• Sigma Lithium shares opened at $12.26, down 2.8%, and remain well below their 52-week high of $24.48. The company recently reported a quarterly loss of $0.02 per share and revenue of $54.7 million, both below analyst expectations.
• Analyst sentiment is mixed, with three Buy and three Sell ratings, resulting in an overall “Hold” consensus and an average price target of $18.50. Zacks Research, Wall Street Zen, and Weiss Ratings recently downgraded the stock.

Bank of America Corp DE grew its stake in Sigma Lithium Corporation (NASDAQ:SGML - Free Report) by 138.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 288,418 shares of the company's stock after purchasing an additional 167,443 shares during the quarter. Bank of America Corp DE owned approximately 0.26% of Sigma Lithium worth $3,559,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Legal & General Group Plc raised its stake in Sigma Lithium by 101.7% during the fourth quarter. Legal & General Group Plc now owns 2,647,004 shares of the company's stock valued at $34,911,000 after buying an additional 1,334,772 shares in the last quarter. Encompass Capital Advisors LLC bought a new stake in shares of Sigma Lithium in the 4th quarter valued at approximately $16,463,000. Woodline Partners LP increased its holdings in shares of Sigma Lithium by 26.6% in the 3rd quarter. Woodline Partners LP now owns 2,964,909 shares of the company's stock valued at $19,005,000 after acquiring an additional 623,832 shares during the last quarter. Verition Fund Management LLC acquired a new stake in shares of Sigma Lithium during the 3rd quarter valued at approximately $3,603,000. Finally, Adage Capital Partners GP L.L.C. raised its position in shares of Sigma Lithium by 104.5% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 900,000 shares of the company's stock valued at $4,050,000 after acquiring an additional 460,000 shares in the last quarter. Institutional investors own 64.86% of the company's stock.

Sigma Lithium Trading Down 2.8%

Shares of NASDAQ:SGML opened at $12.26 on Friday. The company has a quick ratio of 0.25, a current ratio of 0.34 and a debt-to-equity ratio of 1.25. The company's 50-day moving average price is $11.37 and its 200 day moving average price is $13.83. The company has a market cap of $1.38 billion, a PE ratio of -51.08 and a beta of 0.61. Sigma Lithium Corporation has a fifty-two week low of $4.61 and a fifty-two week high of $24.48.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Zacks Research downgraded shares of Sigma Lithium from a "hold" rating to a "strong sell" rating in a report on Wednesday, August 19th. Wall Street Zen cut shares of Sigma Lithium from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Finally, Weiss Ratings downgraded shares of Sigma Lithium from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Thursday, August 13th. Three equities research analysts have rated the stock with a Buy rating and three have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $18.50.

Sigma Lithium 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.

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