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

Key Points

• Zacks Research downgraded Sigma Lithium from strong-buy to hold, adding to a mixed analyst picture on the stock.
• The company’s current analyst consensus is also Hold, with a consensus price target of $18.50; recent ratings include upgrades from Wall Street Zen and Bank of America, alongside a sell rating from Weiss Ratings.
• Sigma Lithium shares were up 2.8% and opened at $10.48, while the company recently reported Q1 EPS of $0.10 in line with expectations but revenue of $16.9 million, well below estimates.

Sigma Lithium (NASDAQ:SGML - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report issued on Monday,Zacks.com reports.

A number of other analysts have also recently commented on the company. Wall Street Zen raised Sigma Lithium from a "hold" rating to a "buy" rating in a research report on Sunday, June 21st. Bank of America upgraded Sigma Lithium from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $14.00 to $17.00 in a research note on Thursday, April 2nd. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Sigma Lithium in a report on Wednesday, June 24th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $18.50.

Sigma Lithium Stock Up 2.8%

NASDAQ:SGML opened at $10.48 on Monday. The firm's 50-day moving average price is $13.71 and its 200-day moving average price is $14.31. The company has a market capitalization of $1.18 billion, a PE ratio of -26.87 and a beta of 0.58. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.32 and a quick ratio of 0.25. Sigma Lithium has a 1-year low of $4.61 and a 1-year high of $24.48.

Sigma Lithium (NASDAQ:SGML - Get Free Report) last issued its quarterly earnings results on Friday, May 15th. The company reported $0.10 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.10. The company had revenue of $16.90 million during the quarter, compared to analysts' expectations of $42.48 million. Sigma Lithium had a negative net margin of 41.84% and a negative return on equity of 57.50%. On average, equities analysts predict that Sigma Lithium will post 1.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SGML. Farther Finance Advisors LLC purchased a new stake in Sigma Lithium in the fourth quarter worth approximately $51,000. GF Fund Management CO. LTD. bought a new position in shares of Sigma Lithium during the 4th quarter valued at $57,000. Deutsche Bank AG bought a new position in shares of Sigma Lithium during the 4th quarter valued at $101,000. BTG Pactual Asset Management US LLC purchased a new position in shares of Sigma Lithium in the 3rd quarter worth $71,000. Finally, Quantbot Technologies LP purchased a new position in shares of Sigma Lithium in the 3rd quarter worth $82,000. 64.86% of the stock is owned by hedge funds and other institutional investors.

About Sigma Lithium

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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