Wall Street Zen Upgrades Atlas Lithium (NASDAQ:ATLX) to Hold

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

A number of other brokerages have also issued reports on ATLX. Weiss Ratings reiterated a “sell (d-)” rating on shares of Atlas Lithium in a report on Monday, December 29th. HC Wainwright reduced their price objective on Atlas Lithium from $18.00 to $12.00 and set a “buy” rating on the stock in a report on Monday, November 17th. Finally, Zacks Research raised Atlas Lithium to a “hold” rating in a research report on Thursday, February 5th. 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 stock. According to data from MarketBeat, Atlas Lithium presently has an average rating of “Hold” and a consensus target price of $12.00.

Atlas Lithium Price Performance

Shares of ATLX opened at $5.04 on Friday. Atlas Lithium has a 1-year low of $3.54 and a 1-year high of $8.25. The company has a 50-day moving average of $5.13 and a 200 day moving average of $5.07. The firm has a market capitalization of $136.79 million, a price-to-earnings ratio of -3.21 and a beta of -0.76.

Atlas Lithium (NASDAQ:ATLX) last issued its 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 business had revenue of $0.04 million for the quarter, compared to the consensus estimate of $42.90 million. Atlas Lithium had a negative net margin of 9,881.20% and a negative return on equity of 81.11%. On average, equities analysts anticipate that Atlas Lithium will post -2.79 earnings per share for the current fiscal year.

Institutional Trading of Atlas Lithium

Several hedge funds have recently modified their holdings of the company. Prospera Financial Services Inc bought a new stake in shares of Atlas Lithium in the 4th quarter valued at about $42,000. LPL Financial LLC bought a new position in shares of Atlas Lithium during the 4th quarter worth approximately $43,000. Alps Advisors Inc. raised its stake in shares of Atlas Lithium by 95.7% during the 4th quarter. Alps Advisors Inc. now owns 23,413 shares of the company’s stock worth $99,000 after acquiring an additional 11,447 shares in the last quarter. Cross Staff Investments Inc lifted its position in Atlas Lithium by 2.2% during the third quarter. Cross Staff Investments Inc now owns 565,618 shares of the company’s stock valued at $2,692,000 after acquiring an additional 12,000 shares during the last quarter. Finally, Marshall Wace LLP boosted its stake in Atlas Lithium by 2.0% in the fourth quarter. Marshall Wace LLP now owns 614,259 shares of the company’s stock valued at $2,598,000 after acquiring an additional 12,169 shares in the last quarter. 18.35% of the stock is owned by hedge funds and other institutional investors.

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.