Atlas Lithium Co. (NASDAQ:ATLX) to Post FY2024 Earnings of ($1.66) Per Share, HC Wainwright Forecasts

Atlas Lithium Co. (NASDAQ:ATLX - Free Report) - Stock analysts at HC Wainwright dropped their FY2024 earnings estimates for shares of Atlas Lithium in a research note issued on Monday, April 1st. HC Wainwright analyst H. Ihle now expects that the company will post earnings of ($1.66) per share for the year, down from their prior forecast of ($1.64). HC Wainwright has a "Buy" rating and a $40.00 price objective on the stock. The consensus estimate for Atlas Lithium's current full-year earnings is ($1.56) per share.

Several other research analysts have also recently weighed in on ATLX. Roth Mkm decreased their price target on shares of Atlas Lithium from $39.00 to $36.00 and set a "buy" rating on the stock in a report on Monday. Alliance Global Partners cut their target price on shares of Atlas Lithium from $75.00 to $55.00 and set a "buy" rating for the company in a research report on Tuesday.

Atlas Lithium Price Performance

Shares of Atlas Lithium stock traded up $0.29 during trading on Wednesday, hitting $18.92. The stock had a trading volume of 111,259 shares, compared to its average volume of 94,756. The firm has a market cap of $241.61 million, a price-to-earnings ratio of -4.66 and a beta of -1.14. Atlas Lithium has a 12 month low of $11.80 and a 12 month high of $45.00. The business's 50-day moving average is $17.26 and its 200 day moving average is $23.30. The company has a current ratio of 5.24, a quick ratio of 5.24 and a debt-to-equity ratio of 1.04.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dorsey Wright & Associates purchased a new position in Atlas Lithium in the third quarter worth $28,000. Tower Research Capital LLC TRC purchased a new stake in Atlas Lithium during the fourth quarter valued at about $33,000. Barclays PLC purchased a new stake in Atlas Lithium during the second quarter valued at about $28,000. Canton Hathaway LLC purchased a new stake in Atlas Lithium during the third quarter valued at about $57,000. Finally, Royal Bank of Canada purchased a new stake in Atlas Lithium during the second quarter valued at about $101,000. 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 mining 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.