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

Atlas Lithium Co. (NASDAQ:ATLX) was the recipient of a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 498,600 shares, a growth of 5.6% from the October 31st total of 472,200 shares. Based on an average trading volume of 129,700 shares, the days-to-cover ratio is presently 3.8 days. Currently, 6.7% of the company’s shares are sold short.

Analyst Ratings Changes

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

Atlas Lithium Trading Down 0.8 %

Atlas Lithium stock traded down $0.06 during mid-day trading on Wednesday, reaching $7.22. 67,730 shares of the company traded hands, compared to its average volume of 94,100. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.54 and a quick ratio of 3.45. Atlas Lithium has a 52-week low of $6.25 and a 52-week high of $34.00. The firm has a market capitalization of $111.33 million, a price-to-earnings ratio of -1.77 and a beta of -1.69. The firm’s 50 day moving average price is $7.82 and its 200 day moving average price is $9.96.

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

Hedge Funds Weigh In On Atlas Lithium

An institutional investor recently raised its position in Atlas Lithium stock. Cross Staff Investments Inc lifted its position in Atlas Lithium Co. (NASDAQ:ATLX) by 71.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 364,804 shares of the company’s stock after buying an additional 152,342 shares during the period. Atlas Lithium comprises 1.9% of Cross Staff Investments Inc’s portfolio, making the stock its 9th largest holding. Cross Staff Investments Inc owned about 2.46% of Atlas Lithium worth $2,481,000 at the end of the most recent reporting period. 18.35% of the stock is currently owned by institutional investors.

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.