Atlas Lithium (NASDAQ:ATLX) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of Atlas Lithium (NASDAQ:ATLX) from a hold rating to a sell rating in a research report sent to investors on Saturday.

A number of other brokerages have also weighed in on ATLX. Zacks Research raised shares of Atlas Lithium to a “hold” rating in a research note on Thursday, February 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Atlas Lithium in a research note on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $12.00.

Atlas Lithium Stock Down 0.2%

Shares of Atlas Lithium stock opened at $4.03 on Friday. The company has a market cap of $109.37 million, a PE ratio of -2.57 and a beta of -0.76. The business has a 50 day moving average of $5.13 and a 200 day moving average of $5.03. Atlas Lithium has a 52 week low of $3.54 and a 52 week high of $8.25.

Atlas Lithium (NASDAQ:ATLX) last released its quarterly earnings results on Wednesday, March 4th. The company reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.64) by $0.28. The business had revenue of $0.04 million for 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%. On average, research analysts anticipate that Atlas Lithium will post -2.79 earnings per share for the current year.

Institutional Investors Weigh In On Atlas Lithium

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Prospera Financial Services Inc bought a new position in shares of Atlas Lithium during the fourth quarter valued at approximately $42,000. LPL Financial LLC bought a new stake in shares of Atlas Lithium in the 4th quarter worth approximately $43,000. Alps Advisors Inc. purchased a new stake in shares of Atlas Lithium in the 3rd quarter worth approximately $57,000. Quadrature Capital Ltd purchased a new stake in shares of Atlas Lithium in the 4th quarter worth approximately $61,000. Finally, Virtu Financial LLC bought a new position in Atlas Lithium during the 3rd quarter valued at approximately $153,000. Hedge funds and other institutional investors own 18.35% of the company’s stock.

About Atlas Lithium

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.