Atlas Lithium Corporation (NASDAQ:ATLX) Sees Large Decline in Short Interest

Atlas Lithium Corporation (NASDAQ:ATLX) saw a significant drop in short interest in January. As of January 15th, there was short interest totaling 1,176,298 shares, a drop of 30.5% from the December 31st total of 1,691,559 shares. Based on an average daily volume of 634,262 shares, the days-to-cover ratio is presently 1.9 days. Currently, 7.8% of the company’s stock are sold short. Currently, 7.8% of the company’s stock are sold short. Based on an average daily volume of 634,262 shares, the days-to-cover ratio is presently 1.9 days.

Atlas Lithium Stock Performance

NASDAQ:ATLX traded down $0.70 during trading hours on Friday, hitting $5.03. 684,596 shares of the company were exchanged, compared to its average volume of 666,514. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.69 and a quick ratio of 3.61. Atlas Lithium has a 52-week low of $3.54 and a 52-week high of $8.25. The stock has a market capitalization of $120.97 million, a price-to-earnings ratio of -2.61 and a beta of -0.75. The company’s 50 day moving average price is $4.97 and its 200-day moving average price is $5.13.

Atlas Lithium (NASDAQ:ATLX) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($0.35) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.64) by $0.29. Atlas Lithium had a negative net margin of 9,881.20% and a negative return on equity of 120.64%. As a group, research analysts forecast that Atlas Lithium will post -2.79 earnings per share for the current year.

Institutional Investors Weigh In On Atlas Lithium

A number of institutional investors have recently bought and sold shares of the stock. Alps Advisors Inc. purchased a new position in Atlas Lithium in the third quarter valued at approximately $57,000. Cross Staff Investments Inc increased its position in shares of Atlas Lithium by 2.2% in the 3rd quarter. Cross Staff Investments Inc now owns 565,618 shares of the company’s stock worth $2,692,000 after purchasing an additional 12,000 shares during the last quarter. Virtu Financial LLC bought a new position in Atlas Lithium during the 3rd quarter worth approximately $153,000. Marshall Wace LLP acquired a new position in shares of Atlas Lithium in the 2nd quarter valued at about $258,000. Finally, Connective Capital Management LLC acquired a new position in Atlas Lithium during the 3rd quarter valued at approximately $405,000. 18.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ATLX has been the subject of several analyst reports. HC Wainwright decreased their price target on shares of Atlas Lithium from $18.00 to $12.00 and set a “buy” rating for the company in a research report on Monday, November 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Atlas Lithium in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Atlas Lithium has an average rating of “Hold” and an average price target of $12.00.

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.