Short Interest in Atlas Lithium Co. (NASDAQ:ATLX) Grows By 7.7%

Atlas Lithium Co. (NASDAQ:ATLX) saw a large increase in short interest in December. As of December 15th, there was short interest totalling 547,900 shares, an increase of 7.7% from the November 30th total of 508,500 shares. Based on an average daily trading volume, of 123,300 shares, the days-to-cover ratio is currently 4.4 days. Currently, 7.3% of the shares of the stock are sold short.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Atlas Lithium stock. Cross Staff Investments Inc lifted its position in shares of Atlas Lithium Co. (NASDAQ:ATLX) by 71.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 364,804 shares of the company’s stock after acquiring an additional 152,342 shares during the quarter. Atlas Lithium makes up about 1.9% of Cross Staff Investments Inc’s investment portfolio, making the stock its 9th largest position. Cross Staff Investments Inc owned approximately 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.

Analysts Set New Price Targets

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

Atlas Lithium Price Performance

NASDAQ:ATLX traded down $0.16 during trading hours on Wednesday, reaching $6.33. The company had a trading volume of 69,461 shares, compared to its average volume of 94,633. The firm has a market capitalization of $97.58 million, a PE ratio of -1.55 and a beta of -1.69. The stock has a 50-day moving average of $7.72 and a two-hundred day moving average of $8.95. Atlas Lithium has a one year low of $6.12 and a one year high of $33.85. The company has a quick ratio of 3.45, a current ratio of 3.54 and a debt-to-equity ratio of 0.41.

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