Atlas Lithium (NASDAQ:ATLX) Issues Quarterly Earnings Results

Atlas Lithium (NASDAQ:ATLX) posted its quarterly earnings results on Friday. The company reported ($0.35) earnings per share (EPS) for the quarter, Zacks reports.

Atlas Lithium Trading Up 1.9%

Shares of ATLX traded up $0.06 during trading hours on Friday, reaching $3.21. 113,710 shares of the company traded hands, compared to its average volume of 271,519. Atlas Lithium has a 12-month low of $2.55 and a 12-month high of $8.25. The stock’s fifty day moving average price is $3.30 and its 200 day moving average price is $4.27. The firm has a market cap of $94.66 million, a price-to-earnings ratio of -2.11 and a beta of 0.02.

Wall Street Analyst Weigh In

ATLX has been the subject of several analyst reports. Weiss Ratings cut Atlas Lithium from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, August 3rd. HC Wainwright reiterated a “buy” rating and set a $12.50 price objective on shares of Atlas Lithium in a research note on Tuesday, June 30th. Finally, Wall Street Zen downgraded shares of Atlas Lithium from a “hold” rating to a “sell” rating in a research report on Saturday, July 4th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $12.50.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. LPL Financial LLC acquired a new stake in shares of Atlas Lithium during the fourth quarter valued at about $43,000. Quadrature Capital Ltd purchased a new stake in shares of Atlas Lithium during the 4th quarter worth $61,000. Alps Advisors Inc. raised its stake in Atlas Lithium by 95.7% in the fourth quarter. Alps Advisors Inc. now owns 23,413 shares of the company’s stock valued at $99,000 after buying an additional 11,447 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of Atlas Lithium during the 3rd quarter worth about $153,000. Finally, Goldman Sachs Group Inc. raised its holdings in Atlas Lithium by 123.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 50,255 shares of the company’s stock worth $213,000 after purchasing an additional 27,801 shares in the last quarter. Hedge funds and other 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.