Atlas Energy Solutions (NYSE:AESI) Shares Down 5.6% – Here’s Why

Atlas Energy Solutions Inc. (NYSE:AESI)’s stock price dropped 5.6% on Monday . The company traded as low as $7.64 and last traded at $7.6940. Approximately 177,467 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 1,996,429 shares. The stock had previously closed at $8.15.

Analyst Ratings Changes

AESI has been the topic of a number of research reports. Stifel Nicolaus cut their target price on shares of Atlas Energy Solutions from $14.50 to $14.00 and set a “buy” rating on the stock in a research report on Monday, August 11th. Piper Sandler reduced their price objective on shares of Atlas Energy Solutions from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Monday, November 17th. Weiss Ratings restated a “hold (c-)” rating on shares of Atlas Energy Solutions in a report on Tuesday. Citigroup cut their price target on Atlas Energy Solutions from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Wednesday, October 1st. Finally, Barclays restated an “underweight” rating and set a $7.00 price objective (down from $11.00) on shares of Atlas Energy Solutions in a research note on Friday, November 14th. Four analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $15.94.

Atlas Energy Solutions Price Performance

The company has a quick ratio of 1.09, a current ratio of 1.35 and a debt-to-equity ratio of 0.43. The firm has a market cap of $1.03 billion, a PE ratio of -92.33 and a beta of 1.18. The stock has a 50 day moving average price of $10.64 and a two-hundred day moving average price of $12.03.

Hedge Funds Weigh In On Atlas Energy Solutions

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. increased its holdings in shares of Atlas Energy Solutions by 1.0% in the second quarter. Harbor Capital Advisors Inc. now owns 75,065 shares of the company’s stock valued at $1,004,000 after purchasing an additional 725 shares during the period. Thrivent Financial for Lutherans boosted its position in Atlas Energy Solutions by 1.7% in the second quarter. Thrivent Financial for Lutherans now owns 53,631 shares of the company’s stock valued at $717,000 after buying an additional 874 shares during the last quarter. Police & Firemen s Retirement System of New Jersey boosted its position in Atlas Energy Solutions by 7.1% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 16,090 shares of the company’s stock valued at $215,000 after buying an additional 1,061 shares during the last quarter. Louisiana State Employees Retirement System increased its holdings in Atlas Energy Solutions by 3.5% in the 3rd quarter. Louisiana State Employees Retirement System now owns 35,300 shares of the company’s stock worth $401,000 after buying an additional 1,200 shares during the period. Finally, Belpointe Asset Management LLC raised its position in Atlas Energy Solutions by 3.5% during the 3rd quarter. Belpointe Asset Management LLC now owns 36,262 shares of the company’s stock worth $412,000 after buying an additional 1,232 shares during the last quarter. Hedge funds and other institutional investors own 34.59% of the company’s stock.

Atlas Energy Solutions Company Profile

Atlas Energy Solutions Inc engages in the production, processing, and sale of mesh and sand that are used as a proppant during the well completion process in the Permian Basin of Texas and New Mexico. The company provides transportation and logistics, storage solutions, and contract labor services. It sells its products and services to oil and natural gas exploration and production companies, and oilfield services companies.