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 the broader analyst consensus remains “Hold” with a $12.50 target price.
• Atlas Lithium shares opened at $3.32, near their 52-week low of $2.55 and well below the 52-week high of $8.25; the company reported a quarterly loss of $0.35 per share.
• Institutional investors own 18.35% of the company, with several hedge funds increasing their positions, even as analysts expect a full-year loss of $1.58 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 report issued on Saturday.

ATLX has been the topic of several other research reports. HC Wainwright reiterated a "buy" rating and issued a $12.50 price target on shares of Atlas Lithium in a research note on Tuesday, June 30th. Weiss Ratings lowered Atlas Lithium from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Monday, August 3rd. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $12.50.

Atlas Lithium Price Performance

Atlas Lithium stock opened at $3.32 on Friday. Atlas Lithium has a 1 year low of $2.55 and a 1 year high of $8.25. The firm's 50 day moving average price is $3.26 and its 200-day moving average price is $4.17. The stock has a market cap of $97.91 million, a P/E ratio of -2.13 and a beta of 0.02.

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

Hedge Funds Weigh In On Atlas Lithium

Large investors have recently bought and sold shares of the business. Cross Staff Investments Inc grew its position in Atlas Lithium by 0.7% in the 1st quarter. Cross Staff Investments Inc now owns 558,718 shares of the company's stock valued at $2,430,000 after acquiring an additional 4,000 shares during the last quarter. Prospera Financial Services Inc bought a new stake in shares of Atlas Lithium during the fourth quarter worth $42,000. LPL Financial LLC purchased a new stake in shares of Atlas Lithium during the fourth quarter valued at $43,000. Alps Advisors Inc. boosted its stake in shares of Atlas Lithium by 95.7% during the fourth quarter. Alps Advisors Inc. now owns 23,413 shares of the company's stock valued at $99,000 after purchasing an additional 11,447 shares during the period. Finally, Marshall Wace LLP boosted its stake in shares of Atlas Lithium by 2.0% during the fourth quarter. Marshall Wace LLP now owns 614,259 shares of the company's stock valued at $2,598,000 after purchasing an additional 12,169 shares during the period. Hedge funds and other institutional investors own 18.35% of the company's stock.

About Atlas Lithium

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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