Atlas Lithium Corporation (NASDAQ:ATLX – Get Free Report) shares fell 4.4% during trading on Monday. The company traded as low as $1.81 and last traded at $1.8450. 293,746 shares traded hands during trading, a decline of 20% from the average session volume of 368,140 shares. The stock had previously closed at $1.93.
Wall Street Analysts Forecast Growth
Several equities analysts have recently issued reports on the stock. HC Wainwright reduced their price target on shares of Atlas Lithium from $12.50 to $11.50 and set a “buy” rating for the company in a report on Thursday, September 10th. Wall Street Zen cut shares of Atlas Lithium from a “sell” rating to a “strong sell” rating in a report on Sunday, September 20th. Finally, Weiss Ratings cut shares of Atlas Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, August 3rd. 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $11.50.
Read Our Latest Report on Atlas Lithium
Atlas Lithium Stock Up 0.8%
The firm has a market capitalization of $55.89 million, a price-to-earnings ratio of -1.21 and a beta of 0.13. The firm’s 50 day moving average is $2.71 and its 200 day moving average is $3.95.
Atlas Lithium (NASDAQ:ATLX – Get Free Report) last announced its earnings results on Friday, August 14th. The company reported ($0.35) earnings per share (EPS) for the quarter. On average, sell-side analysts predict that Atlas Lithium Corporation will post -1.48 earnings per share for the current year.
Hedge Funds Weigh In On Atlas Lithium
A number of hedge funds have recently added to or reduced their stakes in the company. Cross Staff Investments Inc raised its position in 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 in the last quarter. FNY Investment Advisers LLC acquired a new stake in Atlas Lithium in the second quarter valued at approximately $562,000. Finally, Independent Wealth Network Inc. lifted its stake in Atlas Lithium by 89.6% in the third quarter. Independent Wealth Network Inc. now owns 32,367 shares of the company’s stock valued at $82,000 after acquiring an additional 15,300 shares during the last quarter. Institutional investors and hedge funds own 18.35% of the company’s stock.
Atlas Lithium Company Profile
Atlas Lithium Corporation is a mineral exploration and development company focused primarily on advancing lithium projects in Brazil. The company’s activities center on the exploration, development and potential production of lithium-bearing spodumene, a hard-rock mineral used to produce lithium chemicals for batteries and other applications.
Atlas Lithium’s portfolio is concentrated in Brazil’s Minas Gerais state, including the Jequitinhonha Valley, an area commonly known as Brazil’s Lithium Valley.
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