Sigma Lithium (NASDAQ:SGML) Rating Lowered to “Neutral” at JPMorgan Chase & Co.

Sigma Lithium (NASDAQ:SGML) was downgraded by equities researchers at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research note issued on Friday, Briefing.com reports. They currently have a $11.00 target price on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 31.89% from the company’s previous close.

A number of other analysts have also commented on SGML. Zacks Research lowered Sigma Lithium from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 19th. BMO Capital Markets cut Sigma Lithium from an “outperform” rating to a “market perform” rating and set a $10.00 price objective on the stock. in a research note on Thursday. Wall Street Zen downgraded shares of Sigma Lithium from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Weiss Ratings lowered shares of Sigma Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, August 13th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Sigma Lithium presently has a consensus rating of “Reduce” and an average price target of $14.62.

Sigma Lithium Price Performance

Shares of SGML opened at $8.34 on Friday. The business’s fifty day moving average is $10.76 and its 200 day moving average is $13.38. Sigma Lithium has a 12-month low of $4.61 and a 12-month high of $24.48. 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 stock has a market cap of $938.83 million, a P/E ratio of -34.75 and a beta of 0.68.

Sigma Lithium (NASDAQ:SGML) last announced its quarterly earnings results on Friday, August 14th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.25). Sigma Lithium had a negative net margin of 19.36% and a negative return on equity of 37.40%. The business had revenue of $54.70 million for the quarter, compared to the consensus estimate of $68.34 million. Sell-side analysts anticipate that Sigma Lithium will post 0.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sigma Lithium

Institutional investors have recently added to or reduced their stakes in the business. Handelsbanken Fonder AB lifted its stake in shares of Sigma Lithium by 23.2% during the 2nd quarter. Handelsbanken Fonder AB now owns 1,498,133 shares of the company’s stock valued at $18,951,000 after buying an additional 282,595 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in Sigma Lithium during the 2nd quarter worth about $2,512,000. Bank of America Corp DE boosted its stake in Sigma Lithium by 138.4% in the 1st quarter. Bank of America Corp DE now owns 288,418 shares of the company’s stock worth $3,559,000 after purchasing an additional 167,443 shares during the period. Squarepoint Ops LLC bought a new position in Sigma Lithium in the 2nd quarter worth about $1,462,000. Finally, BlackRock Inc. purchased a new position in Sigma Lithium during the 2nd quarter valued at about $29,727,000. 64.86% of the stock is owned by hedge funds and other institutional investors.

Sigma Lithium Company Profile

Sigma Lithium Corporation is a Canadian mining and technology company focused on the exploration, development, and production of lithium products for the electric vehicle and energy storage industries. Its principal operations are located in Brazil, where the company is developing and operating the Grota do Cirilo lithium project in the state of Minas Gerais.

Grota do Cirilo produces battery-grade lithium spodumene concentrate, a key raw material used to manufacture lithium-ion batteries.