Atlas Lithium (NASDAQ:ATLX) Upgraded at Zacks Research

Zacks Research upgraded shares of Atlas Lithium (NASDAQ:ATLX) to a hold rating in a research note released on Thursday morning,Zacks.com reports.

Other research analysts have also issued reports about the stock. HC Wainwright lowered 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 report on Monday, November 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Atlas Lithium in a report on Monday, December 29th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Atlas Lithium presently has a consensus rating of “Hold” and an average price target of $12.00.

Atlas Lithium Trading Up 8.0%

Shares of ATLX stock opened at $4.72 on Thursday. The business’s fifty day moving average price is $4.95 and its 200 day moving average price is $5.14. The firm has a market capitalization of $113.52 million, a PE ratio of -2.45 and a beta of -0.76. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.69 and a quick ratio of 3.61. Atlas Lithium has a 1-year low of $3.54 and a 1-year high of $8.25.

Atlas Lithium (NASDAQ:ATLX) last issued its earnings results on Thursday, November 13th. The company reported ($0.35) EPS for the quarter, topping the consensus estimate of ($0.64) by $0.29. Atlas Lithium had a negative net margin of 9,881.20% and a negative return on equity of 120.64%. As a group, sell-side analysts forecast that Atlas Lithium will post -2.79 EPS for the current fiscal year.

Institutional Investors Weigh In On Atlas Lithium

A number of institutional investors have recently bought and sold shares of the stock. 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 buying an additional 126,994 shares during the period. Connective Capital Management LLC purchased a new position in shares of Atlas Lithium in the 3rd quarter valued at $405,000. Virtu Financial LLC purchased a new position in shares of Atlas Lithium in the 3rd quarter valued at $153,000. Marshall Wace LLP acquired a new position in shares of Atlas Lithium during the 2nd quarter valued at $258,000. Finally, Invesco Ltd. boosted its position in Atlas Lithium by 63.0% during the 2nd quarter. Invesco Ltd. now owns 330,005 shares of the company’s stock worth $1,247,000 after purchasing an additional 127,531 shares during the period. 18.35% of the stock is currently owned by hedge funds and other institutional investors.

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. 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.