National Bank Financial Brokers Boost Earnings Estimates for Sigma Lithium Co. (NASDAQ:SGML)
Sigma Lithium Co. (NASDAQ:SGML – Get Rating) – Equities researchers at National Bank Financial lifted their FY2024 earnings per share (EPS) estimates for shares of Sigma Lithium in a research note issued on Wednesday, June 22nd. National Bank Financial analyst L. Aganga now forecasts that the company will post earnings per share of $2.90 for the year, up from their previous estimate of $2.90. The consensus estimate for Sigma Lithium’s current full-year earnings is ($0.17) per share. National Bank Financial also issued estimates for Sigma Lithium’s FY2025 earnings at $3.19 EPS.
Other analysts also recently issued research reports about the company. Canaccord Genuity Group lifted their target price on Sigma Lithium from $17.00 to $24.00 in a research note on Wednesday, April 6th. Canaccord Genuity Group raised their price target on Sigma Lithium from C$24.00 to C$25.00 and gave the company a “buy” rating in a report on Wednesday, April 13th.
Shares of SGML opened at $15.94 on Friday. The business’s 50 day moving average is $15.98 and its 200 day moving average is $12.92. Sigma Lithium has a 12-month low of $4.89 and a 12-month high of $19.99. Sigma Lithium (NASDAQ:SGML – Get Rating) last issued its earnings results on Friday, April 1st. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.05).
The soaring demand for lithium is driven by worldwide demand for electric vehicles (EVs). Lithium is ideal for electric cars. It’s lightweight, stores lots of energy and is rechargeable. Sales of EVs are expected to increase 10-fold by 2030 and estimates are that 1 in 2 cars sold will be electric by 2040.
Several institutional investors have recently made changes to their positions in SGML. National Bank of Canada FI purchased a new position in shares of Sigma Lithium in the 4th quarter worth approximately $3,114,000. NewGen Asset Management Ltd purchased a new position in shares of Sigma Lithium in the 4th quarter worth approximately $781,000. Principal Street Partners LLC boosted its holdings in shares of Sigma Lithium by 6.4% in the 4th quarter. Principal Street Partners LLC now owns 37,235 shares of the company’s stock worth $388,000 after purchasing an additional 2,235 shares during the period. DRW Securities LLC purchased a new position in shares of Sigma Lithium in the 4th quarter worth approximately $104,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new position in shares of Sigma Lithium in the 4th quarter worth approximately $1,024,000. Hedge funds and other institutional investors own 6.58% of the company’s stock.
Sigma Lithium Company Profile (Get Rating)
Sigma Lithium Corporation engages in the exploration and development of lithium deposits in Brazil. It holds 100% interest in the Grota do Cirilo, Genipapo, Santa Clara, and São José properties comprising 27 mineral rights covering an area of approximately 191 square kilometers located in the Araçuaí and Itinga regions of the state of Minas Gerais, Brazil.
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