Atlas Lithium (NASDAQ:ATLX) Stock Rating Lowered by Wall Street Zen

Atlas Lithium (NASDAQ:ATLX) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

Other equities analysts have also issued research reports about the stock. Zacks Research raised shares of Atlas Lithium to a “hold” rating in a research report on Thursday, February 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Atlas Lithium in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $12.00.

Atlas Lithium Price Performance

Shares of ATLX stock opened at $4.04 on Friday. Atlas Lithium has a fifty-two week low of $3.54 and a fifty-two week high of $8.25. The stock’s 50-day moving average is $5.15 and its two-hundred day moving average is $5.04. The firm has a market cap of $109.65 million, a P/E ratio of -2.57 and a beta of -0.76.

Atlas Lithium (NASDAQ:ATLX) last announced its quarterly earnings results on Wednesday, March 4th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.64) by $0.28. The business had revenue of $0.04 million during the quarter, compared to analyst estimates of $42.90 million. Atlas Lithium had a negative return on equity of 81.11% and a negative net margin of 9,881.20%. As a group, research analysts expect that Atlas Lithium will post -2.79 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ATLX. Invesco Ltd. lifted its holdings in Atlas Lithium by 63.0% in 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 last quarter. Marshall Wace LLP acquired a new position in Atlas Lithium during the second quarter valued at approximately $258,000. First Wilshire Securities Management Inc. raised its position in shares of Atlas Lithium by 210.3% in the second quarter. First Wilshire Securities Management Inc. now owns 187,378 shares of the company’s stock valued at $708,000 after purchasing an additional 126,994 shares during the period. Cross Staff Investments Inc raised its position in shares of Atlas Lithium by 2.2% in the third quarter. Cross Staff Investments Inc now owns 565,618 shares of the company’s stock valued at $2,692,000 after purchasing an additional 12,000 shares during the period. Finally, Alps Advisors Inc. acquired a new stake in shares of Atlas Lithium in the third quarter worth $57,000. 18.35% of the stock is owned by institutional investors.

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.