Atlas Energy Solutions (NYSE:AESI) Shares Gap Up - What's Next?

Key Points

• Atlas Energy Solutions shares jumped, opening at $12.30 after closing at $10.99 and later trading near $12.79 on volume of roughly 1.87 million shares.
• Analyst sentiment remains mixed: the stock has an average rating of “Hold” and an average price target of $17.12, although several firms recently lowered their targets while Raymond James upgraded the shares to “outperform.”
• The company’s latest quarter showed a $0.20-per-share loss, missing estimates, though revenue of $293.18 million exceeded expectations and rose 1.6% year over year; institutional investors own 34.59% of the stock.

Atlas Energy Solutions Inc. (NYSE:AESI - Get Free Report)'s stock price gapped up before the market opened on Friday. The stock had previously closed at $10.99, but opened at $12.30. Atlas Energy Solutions shares last traded at $12.7880, with a volume of 1,867,548 shares changing hands.

Analysts Set New Price Targets

A number of research firms have recently weighed in on AESI. Piper Sandler dropped their price objective on Atlas Energy Solutions from $19.00 to $15.00 and set a "neutral" rating for the company in a research note on Thursday, August 27th. The Goldman Sachs Group set a $12.00 target price on Atlas Energy Solutions in a research note on Friday, August 7th. Stifel Nicolaus lowered their price target on Atlas Energy Solutions from $28.00 to $25.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. Royal Bank Of Canada dropped their price target on Atlas Energy Solutions from $21.00 to $17.00 and set a "sector perform" rating for the company in a research note on Wednesday, August 5th. Finally, Raymond James Financial raised shares of Atlas Energy Solutions from a "market perform" rating to an "outperform" rating and set a $25.00 price objective for the company in a report on Tuesday, June 2nd. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $17.12.

Atlas Energy Solutions Stock Performance

The firm has a market cap of $1.65 billion, a PE ratio of -13.70 and a beta of 1.17. The company has a current ratio of 1.82, a quick ratio of 1.58 and a debt-to-equity ratio of 0.87. The firm's 50 day simple moving average is $12.53 and its 200 day simple moving average is $14.45.

Atlas Energy Solutions (NYSE:AESI - Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The company reported ($0.20) earnings per share for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.05). Atlas Energy Solutions had a negative net margin of 11.08% and a negative return on equity of 9.57%. The firm had revenue of $293.18 million for the quarter, compared to analysts' expectations of $282.24 million. During the same quarter in the previous year, the business earned ($0.04) EPS. The company's revenue for the quarter was up 1.6% on a year-over-year basis. On average, research analysts forecast that Atlas Energy Solutions Inc. will post -0.94 EPS for the current fiscal year.

Hedge Funds Weigh In On Atlas Energy Solutions

Several institutional investors have recently added to or reduced their stakes in AESI. Encompass Capital Advisors LLC purchased a new stake in shares of Atlas Energy Solutions during the 1st quarter worth approximately $119,854,000. Wasatch Advisors LP bought a new stake in Atlas Energy Solutions in the second quarter worth $30,468,000. Dimensional Fund Advisors LP increased its position in Atlas Energy Solutions by 12.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,502,480 shares of the company's stock worth $19,713,000 after purchasing an additional 167,758 shares during the last quarter. Kennedy Capital Management LLC raised its stake in Atlas Energy Solutions by 39.3% during the fourth quarter. Kennedy Capital Management LLC now owns 1,254,992 shares of the company's stock valued at $11,822,000 after purchasing an additional 354,130 shares in the last quarter. Finally, Nixon Capital LLC bought a new position in Atlas Energy Solutions during the fourth quarter valued at $11,284,000. Hedge funds and other institutional investors own 34.59% of the company's stock.

Atlas Energy Solutions Company Profile

Atlas Energy Solutions Inc NYSE: AESI provides proppant and logistics services to oil and natural gas producers, primarily operating in the Permian Basin of West Texas and New Mexico. The company supplies frac sand used in hydraulic fracturing to help keep underground rock fractures open and support the recovery of hydrocarbons.

The company operates sand mines, processing facilities and related infrastructure in the Permian Basin. Its product offerings include various grades and sizes of frac sand, including commonly used 40/70 and 100-mesh products.

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.