Atlas Energy Solutions (NYSE:AESI) Stock Price Down 7% - Here's Why

Key Points

• Atlas Energy Solutions shares fell 7% to about $10.30, with trading volume below its average daily level.
• Analysts have recently reduced several price targets, and the stock carries a consensus “Hold” rating with an average target of $17.56.
• The company missed quarterly EPS expectations, reporting a $0.20 loss per share versus the projected $0.15 loss, despite revenue of $293.18 million exceeding estimates.

Atlas Energy Solutions Inc. (NYSE:AESI - Get Free Report)'s share price traded down 7% during trading on Thursday. The company traded as low as $10.20 and last traded at $10.2960. 1,970,523 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 3,544,310 shares. The stock had previously closed at $11.07.

Analysts Set New Price Targets

AESI has been the topic of a number of recent analyst reports. Scotiabank started coverage on shares of Atlas Energy Solutions in a report on Tuesday, September 29th. They issued a "sector outperform" rating and a $14.00 price target on the stock. Stephens decreased their target price on shares of Atlas Energy Solutions from $22.00 to $20.00 and set an "overweight" rating for the company in a research report on Monday, October 5th. The Goldman Sachs Group set a $12.00 target price on shares of Atlas Energy Solutions in a research note on Friday, August 7th. Barclays cut their price target on shares of Atlas Energy Solutions from $14.00 to $13.00 and set an "equal weight" rating on the stock in a report on Thursday. Finally, Stifel Nicolaus cut their price target on shares of Atlas Energy Solutions from $28.00 to $25.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. Five investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $17.56.

Atlas Energy Solutions Trading Down 6.5%

The company has a debt-to-equity ratio of 0.87, a current ratio of 1.82 and a quick ratio of 1.58. The stock has a market cap of $1.29 billion, a price-to-earnings ratio of -10.86 and a beta of 1.19. The company's fifty day moving average price is $12.55 and its 200-day moving average price is $14.33.

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

Hedge Funds Weigh In On Atlas Energy Solutions

Hedge funds have recently made changes to their positions in the company. Central Pacific Bank Trust Division raised its position in shares of Atlas Energy Solutions by 19.9% during the 3rd quarter. Central Pacific Bank Trust Division now owns 30,472 shares of the company's stock worth $366,000 after purchasing an additional 5,067 shares during the last quarter. Tidal Investments LLC grew its position in shares of Atlas Energy Solutions by 56.3% in the second quarter. Tidal Investments LLC now owns 152,010 shares of the company's stock valued at $2,525,000 after purchasing an additional 54,731 shares in the last quarter. AXQ Capital LP grew its position in shares of Atlas Energy Solutions by 349.6% in the second quarter. AXQ Capital LP now owns 53,340 shares of the company's stock valued at $886,000 after purchasing an additional 41,475 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of Atlas Energy Solutions in the second quarter valued at approximately $278,000. Finally, Citizens Financial Group Inc. RI acquired a new stake in shares of Atlas Energy Solutions in the second quarter valued at approximately $379,000. 34.59% of the stock is owned by institutional investors and hedge funds.

Atlas Energy Solutions Company Profile

Atlas Energy Solutions Inc NYSE: AESI is a provider of proppant and logistics services for the oil and natural gas industry. The company primarily serves exploration and production companies operating in the Permian Basin, one of the largest onshore oil-producing regions in the United States.

Atlas produces and supplies frac sand, a specialized proppant used in hydraulic fracturing to help keep fractures open and improve the flow of hydrocarbons from underground formations. Its operations include sand mining, processing, storage and distribution, with facilities located in or near the Permian Basin of West Texas.

The company also provides transportation and logistics solutions designed to move large volumes of proppant from its mines to well sites.

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.