Sigma Lithium (NASDAQ:SGML) Upgraded at Cormark

Key Points

• Sigma Lithium was upgraded by Cormark to a "moderate buy" rating, reflecting positive market sentiment towards the stock.
• In contrast, Wall Street Zen downgraded the stock from "hold" to "sell," underscoring mixed analyst opinions on its future performance.
• The company's recent earnings report revealed a significant miss on revenue estimates, posting only $16.89 million against expectations of $50.44 million.

Sigma Lithium (NASDAQ:SGML - Get Free Report) was upgraded by equities researchers at Cormark to a "moderate buy" rating in a report issued on Thursday,Zacks.com reports.

Separately, Wall Street Zen downgraded shares of Sigma Lithium from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, Sigma Lithium has a consensus rating of "Buy" and an average price target of $12.00.

Sigma Lithium Stock Performance

Shares of NASDAQ:SGML traded up $0.79 on Thursday, hitting $6.81. 2,326,433 shares of the company were exchanged, compared to its average volume of 1,494,540. Sigma Lithium has a 1-year low of $4.25 and a 1-year high of $15.56. The stock's 50 day moving average price is $5.66 and its 200 day moving average price is $7.61. The company has a current ratio of 0.60, a quick ratio of 0.39 and a debt-to-equity ratio of 1.26. The firm has a market capitalization of $757.48 million, a P/E ratio of -15.47 and a beta of 0.07.

Sigma Lithium (NASDAQ:SGML - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.14). The company had revenue of $16.89 million for the quarter, compared to analyst estimates of $50.44 million. Sigma Lithium had a negative return on equity of 47.19% and a negative net margin of 35.69%. Sell-side analysts predict that Sigma Lithium will post -0.12 EPS for the current year.

Institutional Trading of Sigma Lithium

Several hedge funds have recently made changes to their positions in the company. Appian Way Asset Management LP grew its stake in shares of Sigma Lithium by 5.3% in the 1st quarter. Appian Way Asset Management LP now owns 4,963,006 shares of the company's stock valued at $51,615,000 after buying an additional 250,581 shares during the period. Woodline Partners LP boosted its position 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 worth $27,856,000 after purchasing an additional 1,060,771 shares during the period. Norges Bank purchased a new position in shares of Sigma Lithium during the 2nd quarter worth approximately $11,250,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Sigma Lithium by 24.9% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,550,713 shares of the company's stock worth $7,091,000 after purchasing an additional 309,338 shares during the period. Finally, Sourcerock Group LLC boosted its position in shares of Sigma Lithium by 46.0% during the 4th quarter. Sourcerock Group LLC now owns 1,387,222 shares of the company's stock worth $15,565,000 after purchasing an additional 437,010 shares during the period. Hedge funds and other institutional investors own 64.86% of the company's stock.

About Sigma Lithium

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.