Wall Street Zen Downgrades Atlas Lithium (NASDAQ:ATLX) to Sell

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

ATLX has been the subject of several other research reports. Zacks Research raised shares of Atlas Lithium to a “hold” rating in a research note on Thursday, February 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Atlas Lithium in a research note on Monday, December 29th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Atlas Lithium presently has an average rating of “Hold” and a consensus price target of $12.00.

Atlas Lithium Trading Down 9.4%

Shares of ATLX opened at $4.04 on Friday. The company’s fifty day simple moving average is $5.15 and its 200-day simple moving average is $5.04. The company has a market cap of $109.65 million, a P/E ratio of -2.57 and a beta of -0.76. Atlas Lithium has a twelve month low of $3.54 and a twelve month high of $8.25.

Atlas Lithium (NASDAQ:ATLX) last released its quarterly earnings results on Wednesday, March 4th. The company reported ($0.36) EPS for the quarter, topping analysts’ consensus estimates of ($0.64) by $0.28. The firm had revenue of $0.04 million during the quarter, compared to analysts’ expectations of $42.90 million. Atlas Lithium had a negative net margin of 9,881.20% and a negative return on equity of 81.11%. Analysts predict that Atlas Lithium will post -2.79 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. First Wilshire Securities Management Inc. lifted its holdings in Atlas Lithium by 210.3% during the 2nd quarter. First Wilshire Securities Management Inc. now owns 187,378 shares of the company’s stock valued at $708,000 after buying an additional 126,994 shares in the last quarter. Marshall Wace LLP bought a new position in Atlas Lithium in the 2nd quarter worth about $258,000. Connective Capital Management LLC bought a new position in Atlas Lithium in the 3rd quarter worth about $405,000. Invesco Ltd. increased its position in shares of Atlas Lithium by 48.3% during 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 during the period. Finally, Weiss Asset Management LP purchased a new position in shares of Atlas Lithium during the fourth quarter worth approximately $1,107,000. Hedge funds and other 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.