Atlas Energy Solutions (NYSE:AESI) Stock Falls 5.1% – Here’s What Happened

Atlas Energy Solutions Inc. (NYSE:AESI)’s share price was down 5.1% during trading on Tuesday. The company traded as low as $11.64 and last traded at $11.67. 1,973,485 shares were traded during mid-day trading, a decline of 45% from the average session volume of 3,573,220 shares. The stock had previously closed at $12.30.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on AESI. Stifel Nicolaus reduced their price objective on shares of Atlas Energy Solutions from $28.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. The Goldman Sachs Group set a $12.00 target price on Atlas Energy Solutions in a research note on Friday, August 7th. Piper Sandler cut their price objective on shares of Atlas Energy Solutions from $19.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, August 27th. Raymond James Financial upgraded Atlas Energy Solutions from a “market perform” rating to an “outperform” rating and set a $25.00 price target for the company in a report on Tuesday, June 2nd. Finally, Scotiabank started coverage on Atlas Energy Solutions in a report on Tuesday. They issued a “sector outperform” rating and a $14.00 target price on the stock. Five investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $17.22.

Atlas Energy Solutions Stock Performance

The company has a debt-to-equity ratio of 0.87, a current ratio of 1.82 and a quick ratio of 1.58. The stock has a 50-day moving average price of $12.46 and a 200-day moving average price of $14.45. The firm has a market capitalization of $1.45 billion, a PE ratio of -12.28 and a beta of 1.17.

Atlas Energy Solutions (NYSE:AESI) last issued its quarterly earnings data on Monday, August 3rd. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.05). Atlas Energy Solutions had a negative net margin of 11.08% and a negative return on equity of 9.57%. The business had revenue of $293.18 million for the quarter, compared to analyst estimates of $282.24 million. During the same quarter last year, the business earned ($0.04) EPS. Atlas Energy Solutions’s revenue for the quarter was up 1.6% compared to the same quarter last year. On average, research analysts expect that Atlas Energy Solutions Inc. will post -0.94 EPS for the current fiscal year.

Hedge Funds Weigh In On Atlas Energy Solutions

Hedge funds have recently added to or reduced their stakes in the business. Tidal Investments LLC raised its position in shares of Atlas Energy Solutions by 56.3% during the 2nd quarter. Tidal Investments LLC now owns 152,010 shares of the company’s stock worth $2,525,000 after purchasing an additional 54,731 shares during the period. AXQ Capital LP boosted its holdings in shares of Atlas Energy Solutions by 349.6% in the second quarter. AXQ Capital LP now owns 53,340 shares of the company’s stock valued at $886,000 after acquiring an additional 41,475 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Atlas Energy Solutions during the 2nd quarter valued at $278,000. Citizens Financial Group Inc. RI acquired a new stake in Atlas Energy Solutions in the 2nd quarter valued at about $379,000. Finally, Bank of New York Mellon Corp bought a new stake in Atlas Energy Solutions during the second quarter worth approximately $7,765,000. Institutional investors and hedge funds own 34.59% of the company’s stock.

About Atlas Energy Solutions

Atlas Energy Solutions Inc (NYSE:AESI) provides proppant and logistics services to oil and natural gas producers, primarily operating in the Permian Basin of West Texas and New Mexico. The company supplies frac sand used in hydraulic fracturing to help keep underground rock fractures open and support the recovery of hydrocarbons.

The company operates sand mines, processing facilities and related infrastructure in the Permian Basin. Its product offerings include various grades and sizes of frac sand, including commonly used 40/70 and 100-mesh products.