Atlas Lithium (NASDAQ:ATLX) Upgraded by Wall Street Zen to Hold Rating

Key Points

• Wall Street Zen upgraded Atlas Lithium (NASDAQ:ATLX) from a "sell" to a "hold," and the stock's consensus rating is "Hold" with a $12.00 average price target.
• Atlas reported Q EPS of , beating estimates of ($0.64) but missing materially on revenue at $0.04 million versus expectations of $42.90 million, and analysts forecast -2.79 EPS for the current year.
• Several institutions have increased positions (Invesco +48.3%, Marshall Wace, Goldman Sachs), leaving about 18.35% of the stock owned by hedge funds and other institutional investors; the shares recently traded around $4.35 with a market cap of ~$118 million.

Atlas Lithium (NASDAQ:ATLX - Get Free Report) was upgraded by analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued on Saturday.

ATLX has been the topic of a number of other reports. Zacks Research raised shares of Atlas Lithium to a "hold" rating in a research note on Thursday, February 5th. Weiss Ratings restated a "sell (d-)" rating on shares of Atlas Lithium in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $12.00.

Atlas Lithium Price Performance

NASDAQ ATLX opened at $4.35 on Friday. The stock's 50 day simple moving average is $4.73 and its 200-day simple moving average is $4.99. The company has a market cap of $118.06 million, a PE ratio of -2.77 and a beta of -0.40. Atlas Lithium has a 1-year low of $3.60 and a 1-year high of $8.25.

Atlas Lithium (NASDAQ:ATLX - Get Free Report) last released its earnings results on Wednesday, March 4th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.64) by $0.28. The business had revenue of $0.04 million for the quarter, compared to analysts' expectations of $42.90 million. On average, equities research analysts anticipate that Atlas Lithium will post -2.79 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ATLX. Invesco Ltd. raised its holdings 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. Marshall Wace LLP lifted its holdings in Atlas Lithium by 2.0% during the 4th quarter. Marshall Wace LLP now owns 614,259 shares of the company's stock worth $2,598,000 after buying an additional 12,169 shares during the last quarter. Weiss Asset Management LP acquired a new position in shares of Atlas Lithium during the 4th quarter worth about $1,107,000. Connective Capital Management LLC purchased a new position in shares of Atlas Lithium in the 3rd quarter valued at about $405,000. Finally, Goldman Sachs Group Inc. boosted its holdings in Atlas Lithium by 123.8% in 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 in the last quarter. 18.35% of the stock is currently owned by hedge funds and other institutional investors.

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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