Atlas Lithium Co. (NASDAQ:ATLX) Sees Large Increase in Short Interest

Atlas Lithium Co. (NASDAQ:ATLX) was the target of a significant growth in short interest in June. As of June 15th, there was short interest totalling 227,100 shares, a growth of 17.4% from the May 31st total of 193,500 shares. Based on an average trading volume of 99,400 shares, the days-to-cover ratio is currently 2.3 days. Currently, 3.2% of the shares of the stock are short sold.

Institutional Investors Weigh In On Atlas Lithium

A hedge fund recently bought a new stake in Atlas Lithium stock. Tower Research Capital LLC TRC purchased a new position in shares of Atlas Lithium Co. (NASDAQ:ATLX) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,061 shares of the company’s stock, valued at approximately $33,000. Institutional investors own 18.35% of the company’s stock.

Atlas Lithium Stock Performance

NASDAQ ATLX opened at $10.38 on Friday. The business’s 50-day moving average price is $13.57 and its 200 day moving average price is $18.22. Atlas Lithium has a twelve month low of $9.30 and a twelve month high of $34.00. The company has a market capitalization of $153.62 million, a PE ratio of -2.19 and a beta of -0.49. The company has a current ratio of 2.76, a quick ratio of 2.75 and a debt-to-equity ratio of 3.74.

Atlas Lithium (NASDAQ:ATLX) last released its earnings results on Wednesday, May 15th. The company reported ($1.29) earnings per share for the quarter, missing the consensus estimate of ($0.73) by ($0.56). The company had revenue of $0.19 million during the quarter. On average, research analysts predict that Atlas Lithium will post -2 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. HC Wainwright reduced their price objective on Atlas Lithium from $52.00 to $40.00 and set a “buy” rating on the stock in a research report on Monday, April 1st. Roth Mkm reduced their target price on Atlas Lithium from $39.00 to $36.00 and set a “buy” rating on the stock in a research report on Monday, April 1st. Finally, Alliance Global Partners reduced their target price on Atlas Lithium from $75.00 to $55.00 and set a “buy” rating on the stock in a research report on Tuesday, April 2nd.

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.