Atlas Lithium (NASDAQ:ATLX) Stock Price Down 2.4% – Here’s Why

Atlas Lithium Co. (NASDAQ:ATLX) dropped 2.4% during mid-day trading on Tuesday . The stock traded as low as $5.15 and last traded at $5.23. Approximately 346,132 shares traded hands during mid-day trading, an increase of 182% from the average daily volume of 122,790 shares. The stock had previously closed at $5.36.

Wall Street Analysts Forecast Growth

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

Atlas Lithium Price Performance

The company has a current ratio of 3.54, a quick ratio of 3.45 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $80.65 million, a price-to-earnings ratio of -1.28 and a beta of -1.37. The stock has a 50-day moving average price of $6.34 and a 200 day moving average price of $7.66.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ATLX. Perritt Capital Management Inc purchased a new stake in Atlas Lithium in the fourth quarter valued at approximately $63,000. Millennium Management LLC acquired a new position in shares of Atlas Lithium during the fourth quarter worth $64,000. Bank of New York Mellon Corp acquired a new position in shares of Atlas Lithium during the fourth quarter worth $317,000. Polar Asset Management Partners Inc. grew its stake in shares of Atlas Lithium by 3.1% during the fourth quarter. Polar Asset Management Partners Inc. now owns 111,476 shares of the company’s stock worth $706,000 after purchasing an additional 3,316 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in Atlas Lithium by 19.7% in the fourth quarter. Invesco Ltd. now owns 226,683 shares of the company’s stock valued at $1,435,000 after acquiring an additional 37,294 shares in the last quarter. 18.35% of the stock is currently 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.