Short Interest in Atlas Lithium Co. (NASDAQ:ATLX) Expands By 7.7%

Atlas Lithium Co. (NASDAQ:ATLX) was the target of a significant increase in short interest in the month of December. As of December 15th, there was short interest totalling 547,900 shares, an increase of 7.7% from the November 30th total of 508,500 shares. Based on an average daily trading volume, of 123,300 shares, the short-interest ratio is currently 4.4 days. Approximately 7.3% of the company’s shares are short sold.

Atlas Lithium Trading Down 2.6 %

Shares of NASDAQ:ATLX traded down $0.17 during midday trading on Tuesday, hitting $6.32. 34,189 shares of the stock traded hands, compared to its average volume of 94,492. Atlas Lithium has a one year low of $6.12 and a one year high of $33.85. The company has a quick ratio of 3.45, a current ratio of 3.54 and a debt-to-equity ratio of 0.41. The business’s 50 day moving average is $7.75 and its two-hundred day moving average is $8.98. The stock has a market capitalization of $97.43 million, a PE ratio of -1.55 and a beta of -1.69.

Atlas Lithium (NASDAQ:ATLX) last announced its quarterly earnings results on Friday, November 8th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by ($0.04). The company had revenue of $0.17 million for the quarter. As a group, research analysts forecast that Atlas Lithium will post -2.79 earnings per share for the current year.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Atlas Lithium stock. Cross Staff Investments Inc boosted its position in Atlas Lithium Co. (NASDAQ:ATLX) by 71.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 364,804 shares of the company’s stock after purchasing an additional 152,342 shares during the quarter. Atlas Lithium makes up 1.9% of Cross Staff Investments Inc’s portfolio, making the stock its 9th biggest position. Cross Staff Investments Inc owned approximately 2.46% of Atlas Lithium worth $2,481,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 18.35% of the company’s stock.

Analysts Set New Price Targets

Separately, HC Wainwright reissued a “buy” rating and issued a $19.00 target price on shares of Atlas Lithium in a research note on Tuesday, October 29th.

Atlas Lithium Company Profile

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.