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

Key Points

• Wall Street Zen downgraded Atlas Lithium from “sell” to “strong sell,” while HC Wainwright lowered its price target to $11.50 but maintained a “buy” rating.
• Analyst sentiment remains mixed, with one Buy, one Hold, and one Sell rating, resulting in a consensus “Hold” rating and an $11.50 average price target.
• Atlas Lithium shares opened at $2.90, near their 12-month low of $2.55, and the company reported a quarterly loss of $0.35 per share; analysts expect a full-year loss of $1.48 per share.

Atlas Lithium (NASDAQ:ATLX - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a research note issued on Sunday, Wall Street Zen reports.

A number of other equities research analysts also recently issued reports on the stock. HC Wainwright cut their price objective on shares of Atlas Lithium from $12.50 to $11.50 and set a "buy" rating for the company in a research report on Thursday, September 10th. Weiss Ratings lowered Atlas Lithium from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Monday, August 3rd. One research 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. Based on data from MarketBeat.com, Atlas Lithium currently has a consensus rating of "Hold" and a consensus price target of $11.50.

Atlas Lithium Trading Up 1.4%

Shares of Atlas Lithium stock opened at $2.90 on Friday. The company has a market cap of $85.52 million, a P/E ratio of -1.86 and a beta of 0.05. Atlas Lithium has a 12-month low of $2.55 and a 12-month high of $8.25. The company's fifty day simple moving average is $3.07 and its two-hundred day simple moving average is $3.94.

Atlas Lithium (NASDAQ:ATLX - Get Free Report) last posted its quarterly earnings data on Friday, August 14th. The company reported ($0.35) earnings per share (EPS) for the quarter. Analysts predict that Atlas Lithium will post -1.48 EPS for the current fiscal year.

Hedge Funds Weigh In On Atlas Lithium

A number of hedge funds have recently made changes to their positions in ATLX. FNY Investment Advisers LLC bought a new position in shares of Atlas Lithium during the second quarter worth $562,000. Prospera Financial Services Inc bought a new stake in Atlas Lithium in the 4th quarter valued at $42,000. Finally, Cross Staff Investments Inc lifted its stake in Atlas Lithium by 0.7% in the 1st quarter. Cross Staff Investments Inc now owns 558,718 shares of the company's stock worth $2,430,000 after purchasing an additional 4,000 shares in the last quarter. Institutional investors own 18.35% of the company's stock.

Atlas Lithium Company Profile

Atlas Lithium Corporation NASDAQ: ATLX is a mineral exploration and development company focused primarily on lithium resources in Brazil. The company's activities are centered in the state of Minas Gerais, an established region for hard-rock lithium deposits, where it holds and develops a portfolio of lithium properties.

Atlas Lithium is working to advance its Brazilian projects from exploration and resource definition toward commercial production. Its operations are focused on spodumene-bearing pegmatites, with activities that include geological exploration, drilling, mineral-resource evaluation, mine development and the planned processing of lithium-bearing ore into spodumene concentrate for the battery materials supply chain.

The company was formerly known as Brazil Minerals, Inc before adopting the Atlas Lithium name as it shifted its strategic emphasis toward lithium.

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