Sigma Lithium (NASDAQ:SGML) Earns Overweight Rating from Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. assumed coverage on shares of Sigma Lithium (NASDAQ:SGML) in a report released on Friday morning, Marketbeat reports. The brokerage issued an overweight rating and a $14.00 target price on the stock.

SGML has been the topic of a number of other reports. 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. Wall Street Zen downgraded shares of Sigma Lithium from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Zacks Research downgraded shares of Sigma Lithium from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 19th. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $17.38.

Sigma Lithium Price Performance

Shares of NASDAQ:SGML opened at $9.97 on Friday. The company has a quick ratio of 0.25, a current ratio of 0.34 and a debt-to-equity ratio of 1.25. Sigma Lithium has a twelve month low of $4.61 and a twelve month high of $24.48. The stock’s 50 day moving average is $10.94 and its 200-day moving average is $13.55. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of -41.54 and a beta of 0.64.

Sigma Lithium (NASDAQ:SGML) last issued its earnings results on Friday, August 14th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.25). The firm had revenue of $54.70 million during the quarter, compared to the consensus estimate of $68.34 million. Sigma Lithium had a negative return on equity of 37.40% and a negative net margin of 19.36%. Sell-side analysts forecast that Sigma Lithium will post 0.45 EPS for the current fiscal year.

Hedge Funds Weigh In On Sigma Lithium

Several large investors have recently bought and sold shares of the stock. Squarepoint Ops LLC purchased a new position in Sigma Lithium during the 2nd quarter worth $1,462,000. TD Waterhouse Canada Inc. raised its holdings in shares of Sigma Lithium by 21.8% in the second quarter. TD Waterhouse Canada Inc. now owns 24,605 shares of the company’s stock valued at $306,000 after purchasing an additional 4,412 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Sigma Lithium in the second quarter valued at about $726,000. Wellington Management Group LLP bought a new position in shares of Sigma Lithium during the second quarter valued at about $286,000. Finally, Public Employees Retirement System of Ohio bought a new position in shares of Sigma Lithium during the second quarter valued at about $128,000. 64.86% of the stock is currently owned by 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.