Atlas Lithium (NASDAQ:ATLX) Releases Earnings Results

Atlas Lithium (NASDAQ:ATLX) released its earnings results on Wednesday. The company reported ($0.36) earnings per share for the quarter, FiscalAI reports. Atlas Lithium had a negative return on equity of 120.64% and a negative net margin of 9,881.20%.The business had revenue of $0.04 million for the quarter.

Atlas Lithium Stock Up 1.0%

Shares of ATLX opened at $5.04 on Friday. Atlas Lithium has a 52-week low of $3.54 and a 52-week high of $8.25. The company has a quick ratio of 3.61, a current ratio of 3.69 and a debt-to-equity ratio of 0.28. The stock has a fifty day simple moving average of $5.12 and a two-hundred day simple moving average of $5.08. The company has a market capitalization of $121.21 million, a PE ratio of -2.61 and a beta of -0.76.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ATLX. HC Wainwright cut their price target on Atlas Lithium from $18.00 to $12.00 and set a “buy” rating on the stock in a research note on Monday, November 17th. Zacks Research raised Atlas Lithium to a “hold” rating in a report on Thursday, February 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Atlas Lithium in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $12.00.

Hedge Funds Weigh In On Atlas Lithium

Institutional investors have recently bought and sold shares of the company. 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 fourth quarter valued at approximately $43,000. Alps Advisors Inc. purchased a new position in Atlas Lithium in the third quarter worth approximately $57,000. Quadrature Capital Ltd acquired a new stake in Atlas Lithium during the fourth quarter worth $61,000. Finally, Virtu Financial LLC acquired a new stake in Atlas Lithium during the third quarter worth $153,000. 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.