Atlas Lithium (NASDAQ:ATLX) Stock Rating Lowered by Wall Street Zen

Atlas Lithium (NASDAQ:ATLX) was downgraded by equities researchers at Wall Street Zen from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Sunday, Wall Street Zen reports.

A number of other research analysts also recently commented on the stock. Weiss Ratings lowered shares of Atlas Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, August 3rd. HC Wainwright decreased their price objective on shares of Atlas Lithium from $12.50 to $11.50 and set a “buy” rating for the company in a research note on Thursday, September 10th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Atlas Lithium currently has a consensus rating of “Hold” and an average target price of $11.50.

Atlas Lithium Stock Up 1.4%

ATLX stock opened at $2.94 on Friday. The business has a 50 day moving average price of $3.06 and a 200 day moving average price of $3.91. The stock has a market cap of $86.70 million, a price-to-earnings ratio of -1.88 and a beta of 0.05. Atlas Lithium has a fifty-two week low of $2.55 and a fifty-two week high of $8.25.

Atlas Lithium (NASDAQ:ATLX) last announced its quarterly earnings results on Friday, August 14th. The company reported ($0.35) EPS for the quarter. As a group, sell-side analysts anticipate that Atlas Lithium will post -1.48 EPS for the current year.

Hedge Funds Weigh In On Atlas Lithium

A number of hedge funds have recently modified their holdings of the business. FNY Investment Advisers LLC purchased a new stake in Atlas Lithium in the 2nd quarter valued at $562,000. Cross Staff Investments Inc grew its position in Atlas Lithium by 0.7% during the 1st quarter. Cross Staff Investments Inc now owns 558,718 shares of the company’s stock worth $2,430,000 after purchasing an additional 4,000 shares during the last quarter. Finally, Prospera Financial Services Inc acquired a new position in Atlas Lithium in the fourth quarter valued at $42,000. 18.35% of the stock is currently owned by hedge funds and other institutional investors.

Atlas Lithium Company Profile

Atlas Lithium Corporation (NASDAQ: ATLX) is a mineral exploration and development company focused primarily on lithium resources in Brazil. The company’s activities are centered in the state of Minas Gerais, an established region for hard-rock lithium deposits, where it holds and develops a portfolio of lithium properties.

Atlas Lithium is working to advance its Brazilian projects from exploration and resource definition toward commercial production. Its operations are focused on spodumene-bearing pegmatites, with activities that include geological exploration, drilling, mineral-resource evaluation, mine development and the planned processing of lithium-bearing ore into spodumene concentrate for the battery materials supply chain.

The company was formerly known as Brazil Minerals, Inc before adopting the Atlas Lithium name as it shifted its strategic emphasis toward lithium.