Atlas Lithium (NASDAQ:ATLX) Announces Quarterly Earnings Results

Atlas Lithium (NASDAQ:ATLX) announced its quarterly earnings data on Friday. The company reported ($0.27) earnings per share (EPS) for the quarter, FiscalAI reports.

Atlas Lithium Trading Down 2.4%

Shares of NASDAQ:ATLX opened at $1.64 on Friday. The company has a market capitalization of $48.36 million, a PE ratio of -1.11 and a beta of 0.27. Atlas Lithium has a 12-month low of $1.51 and a 12-month high of $6.72. The business’s fifty day simple moving average is $2.46 and its 200-day simple moving average is $3.80.

Analysts Set New Price Targets

Several brokerages have issued reports on ATLX. Weiss Ratings reiterated a “sell (e+)” rating on shares of Atlas Lithium in a report on Friday, October 30th. Wall Street Zen lowered shares of Atlas Lithium from a “sell” rating to a “strong sell” rating in a report on Sunday, September 20th. Finally, HC Wainwright lowered their price target 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. 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 stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $11.50.

Hedge Funds Weigh In On Atlas Lithium

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. R Squared Ltd purchased a new stake in shares of Atlas Lithium during the 3rd quarter valued at $36,000. Independent Wealth Network Inc. increased its position in Atlas Lithium by 89.6% during the 3rd quarter. Independent Wealth Network Inc. now owns 32,367 shares of the company’s stock valued at $82,000 after buying an additional 15,300 shares in the last quarter. Finally, FNY Investment Advisers LLC purchased a new stake in Atlas Lithium in the second quarter valued at about $562,000. Hedge funds and other institutional investors own 18.35% of the company’s stock.

About Atlas Lithium

Atlas Lithium Corporation is a mineral exploration and development company focused primarily on advancing lithium projects in Brazil. The company’s activities center on the exploration, development and potential production of lithium-bearing spodumene, a hard-rock mineral used to produce lithium chemicals for batteries and other applications.

Atlas Lithium’s portfolio is concentrated in Brazil’s Minas Gerais state, including the Jequitinhonha Valley, an area commonly known as Brazil’s Lithium Valley.