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Investing.com - H.C. Wainwright lowered its price target on Atlas Lithium Corp. (NASDAQ:ATLX) to $12.00 from $18.00 on Monday, while maintaining a Buy rating on the lithium mining company. Despite this reduction, the new target still represents significant upside potential from the current price of $4.37, though InvestingPro data indicates the stock is slightly overvalued based on its Fair Value assessment.
The firm cited the transitional nature of Atlas Lithium as the company continues to develop its mining projects. Atlas Lithium reported a net loss of $8.0 million, or $0.35 per share, for the third quarter, compared to a net loss of $9.7 million, or $0.60 per share, in the same period last year. InvestingPro data shows the company is quickly burning through cash with a negative EBITDA of $34.52 million, though it maintains more cash than debt on its balance sheet.
H.C. Wainwright analyst Haiko Ihle noted that current financials are "largely immaterial" given the company’s developmental stage. The firm emphasized that Atlas Lithium’s project continues to generate significant industry interest.
The company hosted four technical site visits in September 2025, which attracted between 11 and 17 contractors per session. These events generated over 2,800 clarification questions from potential bidders, demonstrating substantial industry interest in Atlas Lithium’s project.
Despite the reduced price target, H.C. Wainwright reiterated its Buy rating on Atlas Lithium stock, suggesting continued confidence in the company’s long-term prospects.
In other recent news, Atlas Lithium Corporation reported a strong financial position for the third quarter of 2025. The company disclosed cash and cash equivalents totaling $20.98 million as of September 30, 2025, which makes up 89% of its current assets. Atlas Lithium also maintained a current ratio of 3.69, with current liabilities amounting to $6.38 million, and reported working capital of $17.17 million. Additionally, Atlas Lithium’s subsidiary, Atlas Critical Minerals Corporation, announced positive results from its rare earth projects in Brazil. The subsidiary highlighted promising findings from its diverse rare earth portfolio, which it claims is the most comprehensive in Brazil. These developments reflect Atlas Lithium’s ongoing progress in its financial and operational endeavors.
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