Atlas Lithium (NASDAQ:ATLX) Announces Quarterly Earnings Results

Atlas Lithium (NASDAQ:ATLX) issued its quarterly earnings data on Friday. The company reported ($0.35) earnings per share (EPS) for the quarter, Zacks reports.

Atlas Lithium Stock Performance

Shares of ATLX stock traded up $0.06 during trading on Friday, hitting $3.21. The company had a trading volume of 113,710 shares, compared to its average volume of 554,127. The stock’s 50-day moving average price is $3.31 and its 200 day moving average price is $4.28. The firm has a market capitalization of $94.66 million, a P/E ratio of -2.11 and a beta of 0.02. Atlas Lithium has a one year low of $2.55 and a one year high of $8.25.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ATLX. Weiss Ratings lowered Atlas Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, August 3rd. Wall Street Zen lowered Atlas Lithium from a “hold” rating to a “sell” rating in a report on Saturday, July 4th. Finally, HC Wainwright reiterated a “buy” rating and set a $12.50 price objective on shares of Atlas Lithium in a research report on Tuesday, June 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. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $12.50.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. LPL Financial LLC bought a new position in Atlas Lithium in the 4th quarter valued at about $43,000. Quadrature Capital Ltd acquired a new stake in shares of Atlas Lithium during the 4th quarter worth approximately $61,000. Alps Advisors Inc. increased its stake in Atlas Lithium by 95.7% in the fourth quarter. Alps Advisors Inc. now owns 23,413 shares of the company’s stock valued at $99,000 after acquiring an additional 11,447 shares during the last quarter. Virtu Financial LLC acquired a new position in Atlas Lithium during the third quarter valued at approximately $153,000. Finally, Goldman Sachs Group Inc. lifted its stake in Atlas Lithium by 123.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 50,255 shares of the company’s stock worth $213,000 after purchasing an additional 27,801 shares during the last quarter. 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.