Bank of America Cuts Sigma Lithium (NASDAQ:SGML) Price Target to $16.00

Sigma Lithium (NASDAQ:SGML) had its target price cut by Bank of America from $25.00 to $16.00 in a research report released on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Sigma Lithium Stock Performance

Sigma Lithium stock opened at $11.81 on Tuesday. Sigma Lithium has a fifty-two week low of $8.47 and a fifty-two week high of $26.42. The firm’s 50 day simple moving average is $12.50 and its 200-day simple moving average is $12.01. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.84 and a quick ratio of 0.72. The company has a market cap of $1.31 billion, a P/E ratio of -24.60 and a beta of 0.23.

Institutional Trading of Sigma Lithium

A number of hedge funds have recently modified their holdings of SGML. Appian Way Asset Management LP raised its position in Sigma Lithium by 57.2% during the third quarter. Appian Way Asset Management LP now owns 4,092,401 shares of the company’s stock valued at $50,582,000 after buying an additional 1,488,265 shares during the period. Fourth Sail Capital LP grew its stake in Sigma Lithium by 1,572.2% during the 2nd quarter. Fourth Sail Capital LP now owns 3,134,797 shares of the company’s stock valued at $37,712,000 after acquiring an additional 2,947,331 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Sigma Lithium by 3.9% in the 3rd quarter. Van ECK Associates Corp now owns 1,248,755 shares of the company’s stock valued at $15,435,000 after purchasing an additional 47,143 shares during the period. Millennium Management LLC lifted its position in shares of Sigma Lithium by 16.9% in the second quarter. Millennium Management LLC now owns 1,243,579 shares of the company’s stock worth $14,960,000 after purchasing an additional 179,355 shares in the last quarter. Finally, Point72 Asset Management L.P. boosted its holdings in shares of Sigma Lithium by 18.0% during the second quarter. Point72 Asset Management L.P. now owns 1,144,492 shares of the company’s stock worth $13,768,000 after purchasing an additional 174,992 shares during the period. Hedge funds and other institutional investors own 64.86% of the company’s stock.

About Sigma Lithium

Sigma Lithium Corporation engages in the exploration and development of lithium deposits in Brazil. It holds a 100% interest in the Grota do Cirilo, Genipapo, Santa Clara, and São José properties comprising 29 mineral rights covering an area of approximately 185 square kilometers located in the Araçuaí and Itinga regions of the state of Minas Gerais, Brazil.