Atlas Lithium (NASDAQ:ATLX) Releases Earnings Results

Key Points

• Atlas Lithium reported a quarterly loss of $0.35 per share.
• ATLX shares traded at $3.21, near the lower end of their 52-week range of $2.55 to $8.25; the company’s market capitalization was approximately $94.66 million.
• Analyst sentiment is mixed, resulting in a consensus “Hold” rating and an average price target of $12.50, while institutional investors own 18.35% of the stock.

Atlas Lithium (NASDAQ:ATLX - Get Free Report) announced its quarterly earnings data on Friday. The company reported ($0.35) earnings per share for the quarter, Zacks reports.

Atlas Lithium Price Performance

Shares of ATLX stock traded up $0.06 during trading hours on Friday, reaching $3.21. The stock had a trading volume of 113,710 shares, compared to its average volume of 554,127. The firm has a market capitalization of $94.66 million, a PE ratio of -2.11 and a beta of 0.02. The firm has a 50-day simple moving average of $3.31 and a 200-day simple moving average of $4.28. Atlas Lithium has a twelve month low of $2.55 and a twelve month high of $8.25.

Analysts Set New Price Targets

ATLX has been the subject of a number of research reports. Weiss Ratings downgraded Atlas Lithium from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Monday, August 3rd. HC Wainwright reissued a "buy" rating and issued a $12.50 price target on shares of Atlas Lithium in a report on Tuesday, June 30th. Finally, Wall Street Zen lowered Atlas Lithium from a "hold" rating to a "sell" rating in a research report on Saturday, July 4th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $12.50.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of ATLX. LPL Financial LLC acquired a new stake in shares of Atlas Lithium in the fourth quarter valued at approximately $43,000. Quadrature Capital Ltd acquired a new stake in Atlas Lithium in the 4th quarter valued at approximately $61,000. 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 acquiring an additional 11,447 shares in the last quarter. Virtu Financial LLC acquired a new position in Atlas Lithium during the 3rd quarter worth $153,000. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Atlas Lithium by 123.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 50,255 shares of the company's stock valued at $213,000 after purchasing an additional 27,801 shares during the period. Institutional investors own 18.35% of the company's stock.

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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