HC Wainwright Cuts Atlas Lithium (NASDAQ:ATLX) Price Target to $11.50

Atlas Lithium (NASDAQ:ATLX) had its price target lowered by HC Wainwright from $12.50 to $11.50 in a report issued on Thursday morning, MarketBeat reports. The firm currently has a buy rating on the stock.

A number of other equities analysts have also weighed in on the stock. Weiss Ratings lowered shares of Atlas Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, August 3rd. Wall Street Zen cut Atlas Lithium from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 22nd. 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’s stock. According to MarketBeat.com, Atlas Lithium currently has a consensus rating of “Hold” and an average price target of $11.50.

Atlas Lithium Stock Performance

Shares of ATLX opened at $3.03 on Thursday. The stock has a 50 day simple moving average of $3.11 and a 200 day simple moving average of $4.02. Atlas Lithium has a 52-week low of $2.55 and a 52-week high of $8.25. The firm has a market capitalization of $89.35 million, a PE ratio of -1.94 and a beta of 0.05.

Atlas Lithium (NASDAQ:ATLX) last announced 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 hedge funds and other institutional investors have recently added to or reduced their stakes in ATLX. FNY Investment Advisers LLC acquired a new position in shares of Atlas Lithium during the 2nd quarter worth about $562,000. Cross Staff Investments Inc increased its position in shares of 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 acquiring an additional 4,000 shares during the last quarter. Invesco Ltd. increased its position in shares of Atlas Lithium by 48.3% in the fourth quarter. Invesco Ltd. now owns 758,138 shares of the company’s stock valued at $3,207,000 after acquiring an additional 247,064 shares during the last quarter. Quadrature Capital Ltd bought a new stake in Atlas Lithium during the fourth quarter worth about $61,000. Finally, Weiss Asset Management LP bought a new stake in Atlas Lithium during the fourth quarter worth about $1,107,000. 18.35% of the stock is currently owned by institutional investors and hedge funds.

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.