Atlas Lithium (NASDAQ:ATLX) Shares Up 3.2% - Time to Buy?

Key Points

• Atlas Lithium shares rose 3.2% to $2.88 in mid-day trading, although trading volume was 51% below the stock’s average daily volume. The company has an $84.9 million market capitalization and trades below both its 50-day and 200-day moving averages.
• Analyst sentiment is mixed: HC Wainwright maintained a Buy rating with a $12.50 price target, while Wall Street Zen downgraded the stock to Sell. Overall, the consensus rating is Hold with a $12.50 target price.
• Atlas Lithium reported a quarterly loss of $0.50 per share on just $70,000 in revenue, and analysts expect a full-year loss of $1.58 per share. Institutional investors own 18.35% of the company, with several funds recently adding or initiating positions.

Atlas Lithium Corporation (NASDAQ:ATLX - Get Free Report) shot up 3.2% during mid-day trading on Monday . The stock traded as high as $2.95 and last traded at $2.88. 190,420 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 388,861 shares. The stock had previously closed at $2.79.

Wall Street Analyst Weigh In

Several analysts have recently commented on ATLX shares. HC Wainwright reiterated a "buy" rating and set a $12.50 price objective on shares of Atlas Lithium in a report on Tuesday, June 30th. Wall Street Zen downgraded Atlas Lithium from a "hold" rating to a "sell" rating in a research note on Saturday, July 4th. Finally, Weiss Ratings raised Atlas Lithium from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, June 1st. One research 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, the company presently has a consensus rating of "Hold" and a consensus target price of $12.50.

Atlas Lithium Trading Up 3.2%

The stock has a market capitalization of $84.93 million, a PE ratio of -1.89 and a beta of -0.06. The company's 50-day moving average is $3.66 and its 200 day moving average is $4.52.

Atlas Lithium (NASDAQ:ATLX - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported ($0.50) earnings per share for the quarter. The business had revenue of $0.07 million for the quarter. Sell-side analysts forecast that Atlas Lithium Corporation will post -1.58 EPS for the current fiscal year.

Institutional Investors Weigh In On Atlas Lithium

A number of large investors have recently made changes to their positions in the stock. FNY Investment Advisers LLC acquired a new position in shares of Atlas Lithium in the 2nd quarter valued at $562,000. Cross Staff Investments Inc lifted its position in Atlas Lithium by 0.7% during 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. lifted its position in Atlas Lithium by 48.3% during the 4th quarter. Invesco Ltd. now owns 758,138 shares of the company's stock worth $3,207,000 after acquiring an additional 247,064 shares during the period. Quadrature Capital Ltd purchased a new stake in Atlas Lithium during the 4th quarter valued at about $61,000. Finally, Weiss Asset Management LP purchased a new stake in Atlas Lithium during the 4th quarter valued at about $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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.