Atlas Lithium Co. (NASDAQ:ATLX) Sees Significant Decrease in Short Interest

Atlas Lithium Co. (NASDAQ:ATLX - Get Free Report) saw a significant drop in short interest in October. As of October 15th, there was short interest totalling 467,700 shares, a drop of 7.8% from the September 30th total of 507,400 shares. Based on an average trading volume of 96,700 shares, the short-interest ratio is currently 4.8 days. Approximately 6.4% of the company's stock are short sold.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. HC Wainwright reaffirmed a "buy" rating and set a $19.00 price target on shares of Atlas Lithium in a research note on Tuesday. Roth Mkm dropped their price target on shares of Atlas Lithium from $36.00 to $25.50 and set a "buy" rating on the stock in a research note on Friday, July 26th.

Atlas Lithium Stock Performance

Atlas Lithium stock traded up $0.67 during midday trading on Wednesday, reaching $10.89. 95,195 shares of the company's stock were exchanged, compared to its average volume of 92,541. Atlas Lithium has a 52 week low of $6.25 and a 52 week high of $34.00. The firm has a market cap of $161.19 million, a price-to-earnings ratio of -2.15 and a beta of -0.80. The stock's 50-day simple moving average is $8.59 and its 200 day simple moving average is $11.14. The company has a debt-to-equity ratio of 0.36, a quick ratio of 6.15 and a current ratio of 6.18.

Atlas Lithium (NASDAQ:ATLX - Get Free Report) last issued its earnings results on Friday, August 9th. The company reported ($0.85) EPS for the quarter, missing the consensus estimate of ($0.70) by ($0.15). The business had revenue of $0.18 million during the quarter. On average, analysts expect that Atlas Lithium will post -2.86 earnings per share for the current fiscal year.

Institutional Trading of Atlas Lithium

An institutional investor recently raised its position in Atlas Lithium stock. Cross Staff Investments Inc boosted its position in Atlas Lithium Co. (NASDAQ:ATLX - Free Report) 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. 18.35% of the stock is owned by institutional investors and hedge funds.

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.