HC Wainwright Issues Pessimistic Forecast for Atlas Lithium (NASDAQ:ATLX) Stock Price

Atlas Lithium (NASDAQ:ATLX) had its target price cut by investment analysts at HC Wainwright from $12.50 to $11.50 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price objective would indicate a potential upside of 248.48% from the stock’s previous close.

Several other research firms have also recently issued reports on ATLX. Weiss Ratings cut Atlas Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, August 3rd. Wall Street Zen lowered shares of Atlas Lithium from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 22nd. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Atlas Lithium has a consensus rating of “Hold” and a consensus price target of $11.50.

Atlas Lithium Stock Up 1.5%

ATLX opened at $3.30 on Thursday. The business’s fifty day simple moving average is $3.14 and its 200 day simple moving average is $4.04. Atlas Lithium has a 52 week low of $2.55 and a 52 week high of $8.25. The stock has a market cap of $97.32 million, a PE ratio of -2.12 and a beta of 0.05.

Atlas Lithium (NASDAQ:ATLX) last announced its quarterly earnings data on Friday, August 14th. The company reported ($0.35) earnings per share for the quarter. As a group, equities analysts anticipate that Atlas Lithium will post -1.58 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ATLX. Cross Staff Investments Inc grew its position 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 purchasing an additional 4,000 shares in the last quarter. Prospera Financial Services Inc purchased a new stake in Atlas Lithium during the 4th quarter valued at $42,000. LPL Financial LLC purchased a new stake in shares of Atlas Lithium in the fourth quarter valued at $43,000. Alps Advisors Inc. raised its position in Atlas Lithium by 95.7% in the 4th quarter. Alps Advisors Inc. now owns 23,413 shares of the company’s stock worth $99,000 after purchasing an additional 11,447 shares during the period. Finally, Marshall Wace LLP lifted its stake in shares of Atlas Lithium by 2.0% during the 4th quarter. Marshall Wace LLP now owns 614,259 shares of the company’s stock worth $2,598,000 after acquiring an additional 12,169 shares during the last quarter. Institutional investors own 18.35% of the company’s stock.

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.