Short Interest in Atlas Lithium Co. (NASDAQ:ATLX) Expands By 5.6%

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

Hedge Funds Weigh In On Atlas Lithium

A hedge fund recently raised its stake in Atlas Lithium stock. Cross Staff Investments Inc raised its holdings 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 Securities and Exchange Commission. The firm owned 364,804 shares of the company’s stock after purchasing an additional 152,342 shares during the period. Atlas Lithium comprises 1.9% of Cross Staff Investments Inc’s holdings, making the stock its 9th largest position. Cross Staff Investments Inc owned about 2.46% of Atlas Lithium worth $2,481,000 as of its most recent SEC filing. Institutional investors own 18.35% of the company’s stock.

Analysts Set New Price Targets

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

Atlas Lithium Price Performance

NASDAQ:ATLX opened at $7.28 on Tuesday. The firm’s fifty day moving average is $7.80 and its two-hundred day moving average is $10.07. The firm has a market cap of $112.23 million, a price-to-earnings ratio of -1.78 and a beta of -1.25. Atlas Lithium has a one year low of $6.25 and a one year high of $34.00. 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 announced its quarterly 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 business had revenue of $0.17 million during the quarter. Research analysts expect that Atlas Lithium will post -2.79 EPS for the current year.

Atlas Lithium Company Profile

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.