Atlas Lithium (NASDAQ:ATLX) Lowered to Strong Sell Rating by Wall Street Zen

Wall Street Zen downgraded shares of Atlas Lithium (NASDAQ:ATLX) from a sell rating to a strong sell rating in a research note released on Saturday.

Other equities analysts have also issued reports about the stock. HC Wainwright restated a “buy” rating and issued a $12.50 price objective on shares of Atlas Lithium in a report on Tuesday, June 30th. Weiss Ratings lowered Atlas Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, August 3rd. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $12.50.

Atlas Lithium Stock Performance

NASDAQ:ATLX opened at $3.32 on Friday. The firm has a market cap of $97.91 million, a P/E ratio of -2.13 and a beta of 0.02. Atlas Lithium has a fifty-two week low of $2.55 and a fifty-two week high of $8.25. The firm has a 50-day simple moving average of $3.26 and a two-hundred day simple moving average of $4.17.

Atlas Lithium (NASDAQ:ATLX) last issued its earnings results on Friday, August 14th. The company reported ($0.35) earnings per share (EPS) for the quarter. On average, equities research analysts predict that Atlas Lithium will post -1.58 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Cross Staff Investments Inc lifted its position in Atlas Lithium by 0.7% during the first quarter. Cross Staff Investments Inc now owns 558,718 shares of the company’s stock valued at $2,430,000 after purchasing an additional 4,000 shares during the period. Prospera Financial Services Inc bought a new stake in Atlas Lithium in the 4th quarter worth approximately $42,000. LPL Financial LLC purchased a new stake in Atlas Lithium during the 4th quarter valued at $43,000. Alps Advisors Inc. raised its stake in Atlas Lithium by 95.7% during the 4th quarter. Alps Advisors Inc. now owns 23,413 shares of the company’s stock valued at $99,000 after buying an additional 11,447 shares during the last quarter. Finally, Marshall Wace LLP lifted its holdings in shares of Atlas Lithium by 2.0% during the 4th quarter. Marshall Wace LLP now owns 614,259 shares of the company’s stock valued at $2,598,000 after buying an additional 12,169 shares during the period. 18.35% of the stock is owned by hedge funds and other 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.