Atlas Lithium (NASDAQ:ATLX) Downgraded by Wall Street Zen to Sell

Wall Street Zen downgraded shares of Atlas Lithium (NASDAQ:ATLX) from a hold rating to a sell rating in a report released on Saturday morning.

Other analysts also recently issued research reports about the stock. Zacks Research raised shares of Atlas Lithium to a “hold” rating in a research note on Thursday, February 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Atlas Lithium in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $12.00.

Atlas Lithium Trading Down 9.4%

Atlas Lithium stock opened at $4.04 on Friday. The firm has a 50-day moving average price of $5.15 and a 200-day moving average price of $5.04. The firm has a market capitalization of $109.65 million, a PE ratio of -2.57 and a beta of -0.76. Atlas Lithium has a 12-month low of $3.54 and a 12-month high of $8.25.

Atlas Lithium (NASDAQ:ATLX) last released its quarterly earnings results on Wednesday, March 4th. The company reported ($0.36) EPS for the quarter, topping analysts’ consensus estimates of ($0.64) by $0.28. The firm had revenue of $0.04 million during the quarter, compared to analysts’ expectations of $42.90 million. Atlas Lithium had a negative net margin of 9,881.20% and a negative return on equity of 81.11%. As a group, sell-side analysts predict that Atlas Lithium will post -2.79 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Invesco Ltd. lifted its holdings in Atlas Lithium by 48.3% during the 4th quarter. Invesco Ltd. now owns 758,138 shares of the company’s stock valued at $3,207,000 after buying an additional 247,064 shares in the last quarter. Marshall Wace LLP boosted its position in Atlas Lithium by 2.0% in the 4th quarter. Marshall Wace LLP now owns 614,259 shares of the company’s stock valued at $2,598,000 after buying an additional 12,169 shares during the period. Cross Staff Investments Inc grew its stake in Atlas Lithium by 2.2% in the 3rd quarter. Cross Staff Investments Inc now owns 565,618 shares of the company’s stock worth $2,692,000 after acquiring an additional 12,000 shares in the last quarter. Weiss Asset Management LP bought a new position in Atlas Lithium in the 4th quarter worth about $1,107,000. Finally, First Wilshire Securities Management Inc. increased its position in shares of Atlas Lithium by 210.3% during the second quarter. First Wilshire Securities Management Inc. now owns 187,378 shares of the company’s stock worth $708,000 after acquiring an additional 126,994 shares during the period. Hedge funds and other institutional investors own 18.35% of the company’s stock.

Atlas Lithium Company Profile

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.