Sigma Lithium (NASDAQ:SGML) Given New $16.00 Price Target at Bank of America

Sigma Lithium (NASDAQ:SGML) had its price objective dropped by research analysts at Bank of America from $25.00 to $16.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price objective suggests a potential upside of 35.48% from the stock’s previous close.

Sigma Lithium Stock Performance

Shares of Sigma Lithium stock traded down $0.10 during trading on Tuesday, reaching $11.81. The company’s stock had a trading volume of 135,238 shares, compared to its average volume of 599,861. The company has a quick ratio of 0.72, a current ratio of 0.84 and a debt-to-equity ratio of 0.02. The business’s 50-day moving average price is $12.57 and its 200-day moving average price is $12.01. Sigma Lithium has a 52 week low of $8.47 and a 52 week high of $27.20. The firm has a market cap of $1.31 billion, a PE ratio of -24.60 and a beta of 0.23.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SGML. Point72 DIFC Ltd bought a new position in shares of Sigma Lithium in the 2nd quarter valued at $48,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Sigma Lithium in the second quarter valued at about $107,000. Public Employees Retirement System of Ohio bought a new stake in shares of Sigma Lithium during the third quarter worth about $122,000. Y Intercept Hong Kong Ltd acquired a new position in shares of Sigma Lithium in the third quarter valued at approximately $299,000. Finally, Tidal Investments LLC raised its holdings in Sigma Lithium by 43.4% in the 3rd quarter. Tidal Investments LLC now owns 63,422 shares of the company’s stock valued at $784,000 after buying an additional 19,193 shares during the last quarter. 64.86% of the stock is currently owned by institutional investors and hedge funds.

Sigma Lithium Company Profile

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.