Equities research analysts at JPMorgan Chase & Co. initiated coverage on shares of Sigma Lithium (NASDAQ:SGML – Get Free Report) in a note issued to investors on Friday, Briefing.com reports. The firm set an “overweight” rating and a $14.00 price target on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 57.66% from the company’s current price.
Other analysts have also recently issued research reports about the company. Weiss Ratings cut Sigma Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 13th. Wall Street Zen cut 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 report on Wednesday, August 19th. Four equities research analysts have rated the stock with a Buy rating and three have given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $17.38.
View Our Latest Analysis on Sigma Lithium
Sigma Lithium Stock Performance
Sigma Lithium (NASDAQ:SGML – Get Free Report) last released its quarterly earnings results on Friday, August 14th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.25). The company had revenue of $54.70 million during the quarter, compared to analyst estimates of $68.34 million. Sigma Lithium had a negative return on equity of 37.40% and a negative net margin of 19.36%. As a group, research analysts expect that Sigma Lithium will post 0.45 earnings per share for the current fiscal year.
Institutional Trading of Sigma Lithium
Several institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in shares of Sigma Lithium during the 2nd quarter worth approximately $29,727,000. Legal & General Group Plc raised its stake in shares of Sigma Lithium by 101.7% in the fourth quarter. Legal & General Group Plc now owns 2,647,004 shares of the company’s stock valued at $34,911,000 after purchasing an additional 1,334,772 shares in the last quarter. Encompass Capital Advisors LLC acquired a new position in shares of Sigma Lithium in the fourth quarter valued at $16,463,000. SIR Capital Management L.P. bought a new position in Sigma Lithium in the second quarter worth $4,754,000. Finally, Ariose Capital Management Ltd acquired a new stake in Sigma Lithium during the first quarter worth $3,826,000. 64.86% of the stock is owned by institutional investors and hedge funds.
About Sigma Lithium
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.
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