Atlas Lithium (NASDAQ:ATLX) Trading Up 3.2% – Here’s What Happened

Atlas Lithium Corporation (NASDAQ:ATLX)’s stock price shot up 3.2% during trading on Monday . The stock traded as high as $2.95 and last traded at $2.88. Approximately 190,420 shares were traded during trading, a decline of 51% from the average daily volume of 388,861 shares. The stock had previously closed at $2.79.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Weiss Ratings raised shares of Atlas Lithium from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 1st. Wall Street Zen downgraded Atlas Lithium from a “hold” rating to a “sell” rating in a report on Saturday, July 4th. Finally, HC Wainwright reissued a “buy” rating and set a $12.50 price target on shares of Atlas Lithium in a research note on Tuesday, June 30th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $12.50.

Atlas Lithium Trading Down 4.8%

The company’s 50 day moving average is $3.63 and its 200 day moving average is $4.50. The company has a market cap of $75.49 million, a PE ratio of -1.68 and a beta of -0.06.

Atlas Lithium (NASDAQ:ATLX) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.50) earnings per share (EPS) for the quarter. The business had revenue of $0.07 million for the quarter. Analysts expect that Atlas Lithium Corporation will post -1.58 EPS for the current year.

Institutional Trading of Atlas Lithium

Large investors have recently modified their holdings of the company. Weiss Asset Management LP bought a new position in Atlas Lithium in the fourth quarter worth approximately $1,107,000. Invesco Ltd. raised its position in Atlas Lithium by 48.3% during the 4th quarter. Invesco Ltd. now owns 758,138 shares of the company’s stock valued at $3,207,000 after purchasing an additional 247,064 shares in the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of Atlas Lithium in the 2nd quarter worth $562,000. Connective Capital Management LLC purchased a new stake in shares of Atlas Lithium in the 3rd quarter worth $405,000. Finally, Marshall Wace LLP bought a new position in shares of Atlas Lithium during the 2nd quarter worth $258,000. Hedge funds and other institutional investors own 18.35% of the company’s stock.

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. The company also owns 100% interests in various mining concessions for gold, diamond, and industrial sand; and early-stage projects and properties in other minerals, such as nickel, copper, rare earths, graphite, and titanium; as well as participates in iron and quartzite projects.