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

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

Other analysts have also recently issued reports about the company. Weiss Ratings upgraded Atlas Lithium from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 1st. HC Wainwright reiterated a “buy” rating and set a $12.50 target price on shares of Atlas Lithium in a research report on Tuesday. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $12.50.

Atlas Lithium Stock Performance

ATLX opened at $3.64 on Friday. The company has a fifty day moving average of $4.31 and a two-hundred day moving average of $4.66. The stock has a market capitalization of $107.34 million, a price-to-earnings ratio of -2.39 and a beta of -0.06. Atlas Lithium has a fifty-two week low of $3.32 and a fifty-two week high of $8.25.

Atlas Lithium (NASDAQ:ATLX) last posted its earnings results on Thursday, May 7th. The company reported ($0.50) earnings per share (EPS) for the quarter. The firm had revenue of $0.07 million for the quarter. On average, equities research analysts forecast that Atlas Lithium will post -1.58 earnings per share for the current year.

Insider Buying and Selling at Atlas Lithium

In related news, CFO Tiago Miranda sold 5,831 shares of the firm’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $5.03, for a total value of $29,329.93. Following the transaction, the chief financial officer directly owned 30,000 shares of the company’s stock, valued at approximately $150,900. This trade represents a 16.27% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 22.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Atlas Lithium

Large investors have recently bought and sold shares of the company. Cross Staff Investments Inc raised its holdings in shares of Atlas Lithium by 0.7% during the first quarter. Cross Staff Investments Inc now owns 558,718 shares of the company’s stock valued at $2,430,000 after acquiring an additional 4,000 shares during the last quarter. Invesco Ltd. boosted its stake in shares of 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 during the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Atlas Lithium during the fourth quarter worth approximately $61,000. Weiss Asset Management LP purchased a new stake in shares of Atlas Lithium during the fourth quarter worth approximately $1,107,000. Finally, Marshall Wace LLP raised its stake in Atlas Lithium by 2.0% in the 4th quarter. Marshall Wace LLP now owns 614,259 shares of the company’s stock valued at $2,598,000 after purchasing an additional 12,169 shares during the last quarter. 18.35% of the stock is currently owned by hedge funds and other institutional investors.

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.