Atlas Lithium (NASDAQ:ATLX) Stock Rating Raised to Sell at Wall Street Zen

Wall Street Zen upgraded shares of Atlas Lithium (NASDAQ:ATLX) from a strong sell rating to a sell rating in a research note released on Saturday morning,Wall Street Zen reports.

ATLX has been the subject of several other reports. HC Wainwright dropped their target price on shares of Atlas Lithium from $12.50 to $11.50 and set a “buy” rating for the company in a research report on Thursday, September 10th. Weiss Ratings reissued a “sell (e+)” rating on shares of Atlas Lithium in a report on Friday, October 30th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Atlas Lithium has a consensus rating of “Hold” and a consensus price target of $11.50.

Atlas Lithium Trading Down 4.0%

Shares of ATLX traded down $0.07 during trading hours on Friday, reaching $1.54. 197,651 shares of the company’s stock traded hands, compared to its average volume of 302,640. The stock has a market cap of $47.59 million, a PE ratio of -1.04 and a beta of 0.27. The firm’s 50 day simple moving average is $2.31 and its 200-day simple moving average is $3.69. Atlas Lithium has a 12 month low of $1.51 and a 12 month high of $6.72.

Atlas Lithium (NASDAQ:ATLX) last issued its quarterly earnings data on Friday, November 6th. The company reported ($0.27) EPS for the quarter. As a group, analysts expect that Atlas Lithium will post -1.48 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Atlas Lithium

Hedge funds and other institutional investors have recently modified their holdings of the company. FNY Investment Advisers LLC bought a new position in shares of Atlas Lithium during the 2nd quarter valued at about $562,000. Independent Wealth Network Inc. lifted its position in Atlas Lithium by 89.6% in the 3rd quarter. Independent Wealth Network Inc. now owns 32,367 shares of the company’s stock worth $82,000 after buying an additional 15,300 shares during the last quarter. Finally, R Squared Ltd bought a new stake in Atlas Lithium in the 3rd quarter worth approximately $36,000. 18.35% of the stock is currently owned by hedge funds and other institutional investors.

About Atlas Lithium

Atlas Lithium Corporation is a U.S.-based mineral exploration and development company focused primarily on lithium projects in Brazil. Its portfolio is concentrated in Minas Gerais, including areas within the region known as the Lithium Valley, where the company is advancing hard-rock lithium properties. The company’s main activity is exploring and developing mineral resources, with lithium as its core focus. Atlas Lithium has also reported interests in other minerals, including graphite, rare earth elements and titanium.