Atlas Lithium Co. (NASDAQ:ATLX) Sees Large Increase in Short Interest

Atlas Lithium Co. (NASDAQ:ATLX) saw a large growth in short interest in January. As of January 15th, there was short interest totalling 613,000 shares, a growth of 11.9% from the December 31st total of 547,900 shares. Based on an average daily volume of 115,200 shares, the short-interest ratio is currently 5.3 days. Approximately 8.2% of the company’s shares are short sold.

Institutional Investors Weigh In On Atlas Lithium

A hedge fund recently raised its stake in Atlas Lithium stock. Cross Staff Investments Inc raised its holdings in shares of Atlas Lithium Co. (NASDAQ:ATLX) by 71.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 364,804 shares of the company’s stock after purchasing an additional 152,342 shares during the quarter. Atlas Lithium accounts for approximately 1.9% of Cross Staff Investments Inc’s investment portfolio, making the stock its 9th largest holding. Cross Staff Investments Inc owned approximately 2.46% of Atlas Lithium worth $2,481,000 as of its most recent SEC filing. 18.35% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Atlas Lithium Stock Down 4.2 %

Shares of Atlas Lithium stock traded down $0.27 during midday trading on Monday, hitting $5.99. The company had a trading volume of 110,324 shares, compared to its average volume of 94,105. Atlas Lithium has a 52-week low of $5.71 and a 52-week high of $21.85. The company has a 50 day moving average of $6.86 and a 200 day moving average of $8.27. The stock has a market capitalization of $92.29 million, a P/E ratio of -1.45 and a beta of -1.37. The company has a debt-to-equity ratio of 0.41, a quick ratio of 3.45 and a current ratio of 3.54.

Atlas Lithium (NASDAQ:ATLX) last released its quarterly earnings data on Friday, November 8th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.04). The company had revenue of $0.17 million during the quarter. On average, equities analysts predict that Atlas Lithium will post -2.79 earnings per share for the current fiscal year.

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.