Atlas Lithium (NASDAQ:ATLX) Shares Down 4.4% - Time to Sell?

Key Points

• Atlas Lithium shares fell 4.4% to approximately $1.85, with trading volume below its daily average. The stock remains well below its 50-day and 200-day moving averages of $2.74 and $3.96, respectively.
• Analyst opinions are mixed: the consensus rating is Hold, based on one Buy, one Hold, and one Sell rating, with an average price target of $11.50. HC Wainwright lowered its target to $11.50 while retaining a Buy rating, whereas Wall Street Zen downgraded the stock to Strong Sell.
• The company reported a quarterly loss of $0.35 per share, and analysts expect a full-year loss of $1.48 per share. Atlas Lithium is focused on developing lithium projects in Brazil’s Minas Gerais state, with institutional investors owning 18.35% of its shares.

Atlas Lithium Corporation (NASDAQ:ATLX - Get Free Report) shares traded down 4.4% on Monday. The stock traded as low as $1.81 and last traded at $1.8450. Approximately 293,746 shares were traded during mid-day trading, a decline of 20% from the average daily volume of 368,140 shares. The stock had previously closed at $1.93.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ATLX. Wall Street Zen cut shares of Atlas Lithium from a "sell" rating to a "strong sell" rating in a research note on Sunday, September 20th. HC Wainwright reduced their price objective on Atlas Lithium from $12.50 to $11.50 and set a "buy" rating for the company in a research note on Thursday, September 10th. Finally, Weiss Ratings cut Atlas Lithium from a "sell (d-)" rating to a "sell (e+)" rating in a report on Monday, August 3rd. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Atlas Lithium currently has a consensus rating of "Hold" and an average price target of $11.50.

Atlas Lithium Stock Down 4.4%

The stock's 50 day moving average price is $2.74 and its 200-day moving average price is $3.96. The stock has a market capitalization of $54.41 million, a PE ratio of -1.18 and a beta of 0.13.

Atlas Lithium (NASDAQ:ATLX - Get Free Report) last released its earnings results on Friday, August 14th. The company reported ($0.35) earnings per share for the quarter. On average, analysts forecast that Atlas Lithium Corporation will post -1.48 earnings per share for the current year.

Institutional Investors Weigh In On Atlas Lithium

Several large investors have recently added to or reduced their stakes in ATLX. Independent Wealth Network Inc. increased its position in Atlas Lithium by 89.6% during the third quarter. Independent Wealth Network Inc. now owns 32,367 shares of the company's stock valued at $82,000 after acquiring an additional 15,300 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of Atlas Lithium in the second quarter valued at $562,000. Finally, Cross Staff Investments Inc raised its stake in shares of Atlas Lithium by 0.7% in the first quarter. Cross Staff Investments Inc now owns 558,718 shares of the company's stock valued at $2,430,000 after acquiring an additional 4,000 shares during the period. 18.35% of the stock is owned by institutional investors.

Atlas Lithium Company Profile

Atlas Lithium Corporation is a mineral exploration and development company focused primarily on advancing lithium projects in Brazil. The company's activities center on the exploration, development and potential production of lithium-bearing spodumene, a hard-rock mineral used to produce lithium chemicals for batteries and other applications.

Atlas Lithium's portfolio is concentrated in Brazil's Minas Gerais state, including the Jequitinhonha Valley, an area commonly known as Brazil's Lithium Valley.

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