Wall Street Zen Upgrades Atlas Lithium (NASDAQ:ATLX) to Sell

Key Points

• Wall Street Zen upgraded Atlas Lithium from “strong sell” to “sell,” while analysts’ overall consensus remains “Hold” with an $11.50 target price.
• Atlas Lithium reported a quarterly loss of $0.35 per share, and analysts expect a full-year loss of approximately $1.58 per share.
• The stock opened at $3.03, near its 12-month low of $2.55 and below its 50-day and 200-day moving averages; institutional investors own 18.35% of the company.

Atlas Lithium (NASDAQ:ATLX - Get Free Report) was upgraded by Wall Street Zen from a "strong sell" rating to a "sell" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

Other analysts have also recently issued reports about the stock. Weiss Ratings cut shares of Atlas Lithium from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Monday, August 3rd. HC Wainwright cut their target price on Atlas Lithium from $12.50 to $11.50 and set a "buy" rating on the stock in a research report on Thursday. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $11.50.

Atlas Lithium Price Performance

NASDAQ ATLX opened at $3.03 on Friday. The company has a market cap of $89.35 million, a P/E ratio of -1.94 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 has a 50-day moving average of $3.11 and a 200-day moving average of $4.02.

Atlas Lithium (NASDAQ:ATLX - Get Free Report) last released its earnings results on Friday, August 14th. The company reported ($0.35) earnings per share (EPS) for the quarter. As a group, equities research analysts anticipate that Atlas Lithium will post -1.58 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. FNY Investment Advisers LLC acquired a new position in shares of Atlas Lithium during the second quarter worth about $562,000. Cross Staff Investments Inc boosted its holdings 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 acquiring an additional 4,000 shares during the period. Invesco Ltd. grew its position in Atlas Lithium by 48.3% in the fourth quarter. Invesco Ltd. now owns 758,138 shares of the company's stock valued at $3,207,000 after acquiring an additional 247,064 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in Atlas Lithium in the fourth quarter valued at approximately $61,000. Finally, Weiss Asset Management LP purchased a new stake in shares of Atlas Lithium during the fourth quarter valued at approximately $1,107,000. 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.

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