Atlas Lithium (NASDAQ:ATLX) Cut to Strong Sell at Wall Street Zen

Wall Street Zen lowered shares of Atlas Lithium (NASDAQ:ATLX) from a sell rating to a strong sell rating in a research report report published on Sunday,Wall Street Zen reports.

A number of other analysts also recently weighed in on the stock. Weiss Ratings downgraded shares of Atlas Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, August 3rd. HC Wainwright dropped their price target on shares of Atlas Lithium from $12.50 to $11.50 and set a “buy” rating on the stock in a research report on Thursday, September 10th. One equities 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, Atlas Lithium presently has an average rating of “Hold” and a consensus price target of $11.50.

Atlas Lithium Trading Up 4.1%

Shares of ATLX opened at $3.06 on Friday. The stock’s 50-day moving average price is $3.06 and its two-hundred day moving average price is $3.90. Atlas Lithium has a 12 month low of $2.55 and a 12 month high of $8.25. The company has a market capitalization of $90.24 million, a PE ratio of -1.96 and a beta of 0.05.

Atlas Lithium (NASDAQ:ATLX) last issued its quarterly earnings results on Friday, August 14th. The company reported ($0.35) earnings per share for the quarter. Equities research analysts predict that Atlas Lithium will post -1.48 EPS for the current fiscal year.

Institutional Investors Weigh In On Atlas Lithium

Several institutional investors and hedge funds have recently made changes to their positions in ATLX. FNY Investment Advisers LLC acquired a new stake in Atlas Lithium during the second quarter worth approximately $562,000. Cross Staff Investments Inc lifted its stake in Atlas Lithium by 0.7% in the first quarter. Cross Staff Investments Inc now owns 558,718 shares of the company’s stock valued at $2,430,000 after buying an additional 4,000 shares during the period. Finally, Prospera Financial Services Inc bought a new position in shares of Atlas Lithium during the 4th quarter worth approximately $42,000. Institutional investors own 18.35% of the company’s stock.

About Atlas Lithium

Atlas Lithium Corporation (NASDAQ: ATLX) is a mineral exploration and development company focused primarily on lithium resources in Brazil. The company’s activities are centered in the state of Minas Gerais, an established region for hard-rock lithium deposits, where it holds and develops a portfolio of lithium properties.

Atlas Lithium is working to advance its Brazilian projects from exploration and resource definition toward commercial production. Its operations are focused on spodumene-bearing pegmatites, with activities that include geological exploration, drilling, mineral-resource evaluation, mine development and the planned processing of lithium-bearing ore into spodumene concentrate for the battery materials supply chain.

The company was formerly known as Brazil Minerals, Inc before adopting the Atlas Lithium name as it shifted its strategic emphasis toward lithium.