HC Wainwright Lowers Atlas Lithium (NASDAQ:ATLX) Price Target to $11.50

Atlas Lithium (NASDAQ:ATLX) had its price objective dropped by equities researchers at HC Wainwright from $12.50 to $11.50 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price target points to a potential upside of 248.48% from the company’s current price.

A number of other equities research analysts have also recently commented on the company. Weiss Ratings cut Atlas Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, August 3rd. Wall Street Zen lowered shares of Atlas Lithium from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 22nd. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Atlas Lithium presently has a consensus rating of “Hold” and a consensus price target of $11.50.

Atlas Lithium Stock Performance

ATLX stock opened at $3.30 on Thursday. Atlas Lithium has a one year low of $2.55 and a one year high of $8.25. The firm has a market cap of $97.32 million, a price-to-earnings ratio of -2.12 and a beta of 0.05. The firm has a 50-day simple moving average of $3.14 and a two-hundred day simple moving average of $4.04.

Atlas Lithium (NASDAQ:ATLX) last issued its earnings results on Friday, August 14th. The company reported ($0.35) earnings per share (EPS) for the quarter. As a group, equities analysts predict that Atlas Lithium will post -1.58 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Cross Staff Investments Inc lifted its stake 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 acquiring an additional 4,000 shares in the last quarter. Prospera Financial Services Inc acquired a new position in Atlas Lithium in the 4th quarter valued at about $42,000. LPL Financial LLC acquired a new position in Atlas Lithium in the 4th quarter valued at about $43,000. Alps Advisors Inc. increased its stake in Atlas Lithium by 95.7% during the fourth quarter. Alps Advisors Inc. now owns 23,413 shares of the company’s stock worth $99,000 after purchasing an additional 11,447 shares during the period. Finally, Marshall Wace LLP increased its stake in Atlas Lithium by 2.0% during the fourth quarter. Marshall Wace LLP now owns 614,259 shares of the company’s stock worth $2,598,000 after purchasing an additional 12,169 shares during the period. 18.35% of the stock is currently owned by institutional investors and hedge funds.

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.