Zacks Research Upgrades Sigma Lithium (NASDAQ:SGML) to Strong-Buy

Sigma Lithium (NASDAQ:SGML) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Thursday,Zacks.com reports.

Several other analysts have also recently commented on SGML. Bank of America upgraded Sigma Lithium from a “neutral” rating to a “buy” rating and increased their target price for the stock from $14.00 to $17.00 in a report on Thursday, April 2nd. Canaccord Genuity Group upgraded Sigma Lithium from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Weiss Ratings restated a “sell (e+)” rating on shares of Sigma Lithium in a report on Friday, March 27th. Finally, Wall Street Zen upgraded Sigma Lithium from a “hold” rating to a “buy” rating in a report on Saturday. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.50.

Sigma Lithium Stock Performance

Shares of NASDAQ:SGML opened at $14.88 on Thursday. The business’s fifty day moving average price is $16.16 and its two-hundred day moving average price is $13.29. Sigma Lithium has a fifty-two week low of $4.25 and a fifty-two week high of $24.48. The stock has a market capitalization of $1.66 billion, a price-to-earnings ratio of -38.15 and a beta of 0.64. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.32 and a quick ratio of 0.14.

Sigma Lithium (NASDAQ:SGML) last announced its earnings results on Friday, May 15th. The company reported $0.10 EPS for the quarter, hitting the consensus estimate of $0.10. The company had revenue of $42.34 million for the quarter, compared to analysts’ expectations of $42.48 million. Sigma Lithium had a negative return on equity of 57.50% and a negative net margin of 41.84%. As a group, analysts predict that Sigma Lithium will post 1.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Sigma Lithium

Large investors have recently made changes to their positions in the company. Old West Investment Management LLC lifted its stake in shares of Sigma Lithium by 1,163.3% during the third quarter. Old West Investment Management LLC now owns 651,892 shares of the company’s stock valued at $4,179,000 after acquiring an additional 600,291 shares during the period. Van ECK Associates Corp lifted 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 during the period. Handelsbanken Fonder AB acquired a new position in shares of Sigma Lithium during the third quarter valued at $4,130,000. Alps Advisors Inc. lifted its stake in shares of Sigma Lithium by 37.1% during the third quarter. Alps Advisors Inc. now owns 269,446 shares of the company’s stock valued at $1,727,000 after acquiring an additional 72,979 shares during the period. Finally, Waratah Capital Advisors Ltd. lifted its stake in shares of Sigma Lithium by 30.4% during the third quarter. Waratah Capital Advisors Ltd. now owns 296,330 shares of the company’s stock valued at $1,899,000 after acquiring an additional 69,000 shares during the period. Institutional investors and hedge funds own 64.86% of the company’s stock.

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.