Atlas Lithium (NASDAQ:ATLX) Trading Down 4.2% – Here’s What Happened

Shares of Atlas Lithium Corporation (NASDAQ:ATLX) were down 4.2% on Monday . The stock traded as low as $4.55 and last traded at $4.59. Approximately 473,002 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 625,974 shares. The stock had previously closed at $4.79.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ATLX. Weiss Ratings reiterated a “sell (d-)” rating on shares of Atlas Lithium in a report on Monday, December 22nd. HC Wainwright reduced their price target on shares of Atlas Lithium from $18.00 to $12.00 and set a “buy” rating for the company in a report on Monday, November 17th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $12.00.

Atlas Lithium Price Performance

The company has a market cap of $110.39 million, a PE ratio of -2.38 and a beta of -0.82. The company has a quick ratio of 3.61, a current ratio of 3.69 and a debt-to-equity ratio of 0.28. The firm has a 50 day simple moving average of $4.75 and a 200-day simple moving average of $4.91.

Atlas Lithium (NASDAQ:ATLX) last released its quarterly earnings results on Thursday, November 13th. The company reported ($0.35) EPS for the quarter, beating the consensus estimate 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 predict that Atlas Lithium Corporation will post -2.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Atlas Lithium

Several institutional investors and hedge funds have recently bought and sold shares of ATLX. First Wilshire Securities Management Inc. boosted its position in shares of Atlas Lithium by 210.3% in the 2nd quarter. First Wilshire Securities Management Inc. now owns 187,378 shares of the company’s stock worth $708,000 after purchasing an additional 126,994 shares in the last quarter. Connective Capital Management LLC acquired a new position in Atlas Lithium during the 3rd quarter valued at about $405,000. Virtu Financial LLC purchased a new stake in Atlas Lithium in the third quarter valued at about $153,000. Alps Advisors Inc. acquired a new stake in Atlas Lithium in the third quarter worth about $57,000. Finally, Cross Staff Investments Inc boosted its holdings in Atlas Lithium by 2.2% in the third quarter. Cross Staff Investments Inc now owns 565,618 shares of the company’s stock worth $2,692,000 after acquiring an additional 12,000 shares in the last quarter. 18.35% of the stock is owned by hedge funds and other institutional investors.

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. 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.