Atlas Lithium (NASDAQ:ATLX) Releases Earnings Results

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

Atlas Lithium Price Performance

Shares of Atlas Lithium stock traded down $0.11 during mid-day trading on Wednesday, reaching $4.99. 324,765 shares of the stock were exchanged, compared to its average volume of 553,151. Atlas Lithium has a fifty-two week low of $3.54 and a fifty-two week high of $8.25. The firm has a 50-day simple moving average of $5.11 and a 200 day simple moving average of $5.08. The company has a current ratio of 3.69, a quick ratio of 3.61 and a debt-to-equity ratio of 0.28. The company has a market cap of $120.03 million, a price-to-earnings ratio of -2.59 and a beta of -0.76.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Zacks Research upgraded Atlas Lithium to a “hold” rating in a research report on Thursday, February 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Atlas Lithium in a research report on Monday, December 29th. Finally, HC Wainwright dropped their price target on Atlas Lithium from $18.00 to $12.00 and set a “buy” rating on the stock in a research report on Monday, November 17th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $12.00.

Hedge Funds Weigh In On Atlas Lithium

Several hedge funds have recently added to or reduced their stakes in ATLX. Prospera Financial Services Inc acquired a new position in shares of Atlas Lithium during the 4th quarter worth about $42,000. LPL Financial LLC bought a new stake in Atlas Lithium in the 4th quarter valued at $43,000. Alps Advisors Inc. bought a new stake in shares of Atlas Lithium in the third quarter valued at about $57,000. Quadrature Capital Ltd acquired a new position in Atlas Lithium during the fourth quarter worth $61,000. Finally, Virtu Financial LLC acquired a new position in shares of Atlas Lithium during the 3rd quarter worth about $153,000. 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.