Sigma Lithium Corporation (NASDAQ:SGML) Stock Rated “Reduce” by Wall Street Analysts

Sigma Lithium Corporation (NASDAQ:SGML) has received an average recommendation of “Reduce” from the eight brokerages that are currently covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $14.30.

A number of research analysts recently issued reports on SGML shares. Zacks Research lowered shares of Sigma Lithium from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 19th. ATB Cormark Capital Markets downgraded shares of Sigma Lithium from a “moderate buy” rating to a “hold” rating and dropped their target price for the stock from $19.50 to $13.00 in a report on Friday, October 2nd. Weiss Ratings lowered shares of Sigma Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, August 13th. BMO Capital Markets lowered shares of Sigma Lithium from an “outperform” rating to a “market perform” rating and set a $10.00 target price for the company. in a research report on Thursday, October 1st. Finally, Wall Street Zen downgraded Sigma Lithium from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th.

Hedge Funds Weigh In On Sigma Lithium

Large investors have recently made changes to their positions in the business. TD Waterhouse Canada Inc. lifted its position in Sigma Lithium by 17.6% in the third quarter. TD Waterhouse Canada Inc. now owns 28,939 shares of the company’s stock worth $272,000 after purchasing an additional 4,334 shares during the period. Perpetual Ltd acquired a new stake in Sigma Lithium during the third quarter worth $361,000. Squarepoint Ops LLC acquired a new stake in Sigma Lithium during the second quarter worth $1,462,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Sigma Lithium in the 2nd quarter valued at $726,000. Finally, Wellington Management Group LLP bought a new stake in Sigma Lithium in the 2nd quarter valued at $286,000. Institutional investors and hedge funds own 64.86% of the company’s stock.

Sigma Lithium Stock Down 3.0%

NASDAQ:SGML traded down $0.26 during trading hours on Friday, reaching $8.53. The company’s stock had a trading volume of 1,463,864 shares, compared to its average volume of 2,353,320. The company has a market cap of $961.25 million, a price-to-earnings ratio of -35.54 and a beta of 0.67. Sigma Lithium has a one year low of $4.61 and a one year high of $24.48. The business’s 50-day moving average is $10.52 and its 200-day moving average is $13.26. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.34 and a quick ratio of 0.25.

Sigma Lithium (NASDAQ:SGML) last posted its earnings results on Friday, August 14th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.25). The company had revenue of $54.70 million for the quarter, compared to the consensus estimate of $68.34 million. Sigma Lithium had a negative net margin of 19.36% and a negative return on equity of 37.40%. Equities research analysts predict that Sigma Lithium will post 0.15 EPS for the current year.

About Sigma Lithium

Sigma Lithium Corporation is a Canadian mining and development company focused on producing lithium concentrate for the electric vehicle and energy storage industries. Its primary asset is the Grota do Cirilo project in Minas Gerais, Brazil, which includes hard-rock lithium deposits, mining operations and a processing facility.

The company produces lithium concentrate designed for use in lithium-ion batteries. Its processing approach emphasizes the recovery of lithium-bearing material while seeking to reduce the use of hazardous chemicals and minimize environmental impacts.