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

Atlas Lithium (NASDAQ:ATLX) was downgraded by stock analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a research note issued to investors on Saturday.

Several other brokerages have also recently commented on ATLX. Weiss Ratings cut shares of Atlas Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, August 3rd. HC Wainwright reissued a “buy” rating and issued a $12.50 price objective on shares of Atlas Lithium in a report on Tuesday, June 30th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Atlas Lithium currently has a consensus rating of “Hold” and an average target price of $12.50.

Atlas Lithium Price Performance

ATLX opened at $3.32 on Friday. The stock has a market capitalization of $97.91 million, a PE ratio of -2.13 and a beta of 0.02. The firm’s fifty day moving average price is $3.26 and its 200 day moving average price is $4.17. Atlas Lithium has a 12-month low of $2.55 and a 12-month high of $8.25.

Atlas Lithium (NASDAQ:ATLX) last announced its quarterly earnings data on Friday, August 14th. The company reported ($0.35) earnings per share for the quarter. On average, equities research analysts forecast that Atlas Lithium will post -1.58 earnings per share for the current fiscal year.

Institutional Trading of Atlas Lithium

Several institutional investors have recently added to or reduced their stakes in the business. Weiss Asset Management LP bought a new position in Atlas Lithium in the fourth quarter worth about $1,107,000. Invesco Ltd. raised its position in Atlas Lithium by 48.3% in the fourth quarter. Invesco Ltd. now owns 758,138 shares of the company’s stock worth $3,207,000 after acquiring an additional 247,064 shares in the last quarter. FNY Investment Advisers LLC acquired a new position in shares of Atlas Lithium in the 2nd quarter worth $562,000. Connective Capital Management LLC purchased a new stake in shares of Atlas Lithium in the 3rd quarter valued at approximately $405,000. Finally, Marshall Wace LLP acquired a new position in shares of Atlas Lithium in the 2nd quarter valued at about $258,000. 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.