Atlas Lithium (NASDAQ:ATLX) Announces Earnings Results

Atlas Lithium (NASDAQ:ATLX) released its earnings results on Thursday. The company reported ($0.50) earnings per share for the quarter, FiscalAI reports. The business had revenue of $0.07 million during the quarter.

Atlas Lithium Trading Up 9.1%

Shares of Atlas Lithium stock traded up $0.54 during trading on Friday, hitting $6.46. 1,214,948 shares of the stock traded hands, compared to its average volume of 845,719. The firm has a market cap of $179.39 million, a P/E ratio of -4.11 and a beta of 0.02. Atlas Lithium has a 52-week low of $3.60 and a 52-week high of $8.25. The stock’s fifty day simple moving average is $4.78 and its 200 day simple moving average is $4.88.

Analysts Set New Price Targets

ATLX has been the topic of a number of recent analyst reports. Wall Street Zen upgraded Atlas Lithium from a “sell” rating to a “hold” rating in a research note on Saturday, April 11th. Zacks Research upgraded Atlas Lithium to a “hold” rating in a research note on Thursday, February 5th. One equities 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 company. According to data from MarketBeat.com, Atlas Lithium has an average rating of “Hold” and an average target price of $12.00.

Insider Activity at Atlas Lithium

In other news, CFO Tiago Miranda sold 5,831 shares of the firm’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $5.03, for a total transaction of $29,329.93. Following the transaction, the chief financial officer owned 30,000 shares in the company, valued at approximately $150,900. This trade represents a 16.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 22.80% of the company’s stock.

Hedge Funds Weigh In On Atlas Lithium

Several institutional investors have recently made changes to their positions in ATLX. Prospera Financial Services Inc bought a new stake in Atlas Lithium during the fourth quarter valued at about $42,000. LPL Financial LLC bought a new stake in Atlas Lithium during the fourth quarter valued at about $43,000. Alps Advisors Inc. bought a new stake in Atlas Lithium during the third quarter valued at about $57,000. Quadrature Capital Ltd bought a new stake in Atlas Lithium during the fourth quarter valued at about $61,000. Finally, Virtu Financial LLC bought a new stake in Atlas Lithium during the third quarter valued at about $153,000. Hedge funds and other institutional investors own 18.35% of the company’s stock.

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.