Sigma Lithium (NASDAQ:SGML) Trading Up 9.9% After Analyst Upgrade

Sigma Lithium Corporation (NASDAQ:SGML)’s stock price rose 9.9% during trading on Tuesday after Bank of America upgraded the stock from an underperform rating to a neutral rating. Bank of America now has a $14.00 price target on the stock. Sigma Lithium traded as high as $11.89 and last traded at $11.87. Approximately 1,365,213 shares changed hands during trading, a decline of 73% from the average daily volume of 5,013,937 shares. The stock had previously closed at $10.80.

Several other brokerages also recently issued reports on SGML. Citigroup downgraded shares of Sigma Lithium from an “overweight” rating to an “underperform” rating in a research report on Thursday, January 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sigma Lithium in a research note on Monday, December 29th. Zacks Research raised Sigma Lithium from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 25th. BMO Capital Markets reissued an “outperform” rating and issued a $18.00 price objective on shares of Sigma Lithium in a report on Wednesday, January 14th. Finally, Canaccord Genuity Group upgraded shares of Sigma Lithium from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Sigma Lithium currently has a consensus rating of “Hold” and an average price target of $17.50.

Hedge Funds Weigh In On Sigma Lithium

Several large investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC bought a new stake in Sigma Lithium in the 4th quarter valued at $51,000. Malaga Cove Capital LLC bought a new position in Sigma Lithium in the 2nd quarter valued at $52,000. GF Fund Management CO. LTD. bought a new stake in Sigma Lithium during the 4th quarter worth about $57,000. BTG Pactual Asset Management US LLC bought a new stake in shares of Sigma Lithium during the third quarter valued at approximately $71,000. Finally, Quantbot Technologies LP acquired a new position in Sigma Lithium during the 3rd quarter worth $82,000. Institutional investors and hedge funds own 64.86% of the company’s stock.

Sigma Lithium Stock Performance

The firm has a market cap of $1.35 billion and a P/E ratio of -38.82. The company has a quick ratio of 0.32, a current ratio of 0.49 and a debt-to-equity ratio of 1.38. The firm has a fifty day moving average of $12.59 and a 200-day moving average of $8.56.

Sigma Lithium (NASDAQ:SGML) last announced its quarterly earnings data on Friday, November 14th. The company reported ($0.10) earnings per share for the quarter, meeting the consensus estimate of ($0.10). The business had revenue of $28.55 million for the quarter, compared to analyst estimates of $70.54 million. Sigma Lithium had a negative net margin of 24.13% and a negative return on equity of 35.97%. Research analysts predict that Sigma Lithium Corporation will post -0.12 earnings per share for the current fiscal year.

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.