HC Wainwright Issues Pessimistic Forecast for Atlas Lithium (NASDAQ:ATLX) Stock Price

Atlas Lithium (NASDAQ:ATLX) had its price target decreased by research analysts at HC Wainwright from $18.00 to $12.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price objective suggests a potential upside of 135.29% from the company’s current price.

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Atlas Lithium in a research report on Tuesday, November 11th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $12.00.

Atlas Lithium Trading Up 6.3%

Shares of ATLX opened at $5.10 on Monday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 3.61 and a current ratio of 3.69. The company has a market cap of $120.21 million, a price-to-earnings ratio of -2.64 and a beta of -0.86. The stock has a fifty day moving average price of $5.20 and a two-hundred day moving average price of $4.81. Atlas Lithium has a 52-week low of $3.54 and a 52-week high of $8.32.

Atlas Lithium (NASDAQ:ATLX) last announced its earnings results on Thursday, November 13th. The company reported ($0.35) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.64) by $0.29. Atlas Lithium had a negative return on equity of 120.64% and a negative net margin of 9,881.20%. Analysts predict that Atlas Lithium will post -2.79 EPS for the current fiscal year.

Institutional Investors Weigh In On Atlas Lithium

Several institutional investors have recently modified their holdings of the business. Quadrant Private Wealth Management LLC bought a new stake in shares of Atlas Lithium during the first quarter worth approximately $93,000. Warberg Asset Management LLC bought a new position in Atlas Lithium in the first quarter valued at approximately $657,000. First Wilshire Securities Management Inc. acquired a new stake in Atlas Lithium during the 1st quarter worth $312,000. Invesco Ltd. raised its position in shares of Atlas Lithium by 63.0% during the 2nd quarter. Invesco Ltd. now owns 330,005 shares of the company’s stock valued at $1,247,000 after acquiring an additional 127,531 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Atlas Lithium in the 2nd quarter valued at $258,000. Institutional investors and hedge funds own 18.35% of the company’s stock.

About Atlas Lithium

Atlas Lithium Corporation operates as a mineral exploration and development company in Brazil. It operates the Minas Gerais lithium project that consists of 54 mineral rights covering an area of 59,275 acres located within the Brazilian Eastern Pegmatitic Province; and Northeastern Brazil lithium project, which consists of 7 mineral rights covering an area of 16,266 acres in the States of Paraíba and Rio Grande do Norte in northeastern Brazil.