Atlas Lithium (NASDAQ:ATLX) Shares Down 6% – Time to Sell?

Shares of Atlas Lithium Corporation (NASDAQ:ATLX) were down 6% on Wednesday . The stock traded as low as $5.90 and last traded at $6.07. Approximately 772,382 shares were traded during trading, an increase of 23% from the average daily volume of 630,481 shares. The stock had previously closed at $6.46.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ATLX. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Atlas Lithium in a research note on Monday, December 29th. HC Wainwright decreased their target price on shares of Atlas Lithium from $18.00 to $12.00 and set a “buy” rating on the stock in a research note on Monday, November 17th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $12.00.

Atlas Lithium Trading Down 6.0%

The stock has a market capitalization of $145.98 million, a P/E ratio of -3.15 and a beta of -0.75. The stock has a 50-day moving average price of $4.95 and a two-hundred day moving average price of $5.12. The company has a debt-to-equity ratio of 0.28, a quick ratio of 3.61 and a current ratio of 3.69.

Atlas Lithium (NASDAQ:ATLX) last announced its earnings results on Thursday, November 13th. The company reported ($0.35) EPS 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%. On average, research analysts forecast that Atlas Lithium Corporation will post -2.79 EPS for the current fiscal year.

Institutional Investors Weigh In On Atlas Lithium

Large investors have recently modified their holdings of the stock. Alps Advisors Inc. purchased a new position in shares of Atlas Lithium during the third quarter valued at about $57,000. Virtu Financial LLC bought a new stake in Atlas Lithium during the 3rd quarter valued at approximately $153,000. Marshall Wace LLP purchased a new position in shares of Atlas Lithium during the 2nd quarter worth approximately $258,000. Connective Capital Management LLC bought a new position in shares of Atlas Lithium in the 3rd quarter worth approximately $405,000. Finally, First Wilshire Securities Management Inc. raised its position in shares of Atlas Lithium by 210.3% in the 2nd quarter. First Wilshire Securities Management Inc. now owns 187,378 shares of the company’s stock worth $708,000 after acquiring an additional 126,994 shares in the last quarter. Institutional investors own 18.35% of the company’s stock.

Atlas Lithium Company Profile

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. The company also owns 100% interests in various mining concessions for gold, diamond, and industrial sand; and early-stage projects and properties in other minerals, such as nickel, copper, rare earths, graphite, and titanium; as well as participates in iron and quartzite projects.