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

Atlas Lithium Co. (NASDAQ:ATLX) was the target of a significant increase in short interest in 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 trading volume, of 129,700 shares, the days-to-cover ratio is currently 3.8 days. Currently, 6.7% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Atlas Lithium

A hedge fund recently raised its stake in Atlas Lithium stock. Cross Staff Investments Inc increased its holdings in Atlas Lithium Co. (NASDAQ:ATLX) by 71.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 364,804 shares of the company’s stock after purchasing an additional 152,342 shares during the quarter. Atlas Lithium accounts for 1.9% of Cross Staff Investments Inc’s investment portfolio, making the stock its 9th biggest position. Cross Staff Investments Inc owned 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.

Atlas Lithium Price Performance

Shares of NASDAQ:ATLX opened at $7.24 on Thursday. The stock has a market cap of $111.64 million, a PE ratio of -1.77 and a beta of -1.69. The company’s fifty day moving average is $7.82 and its 200 day moving average is $9.96. Atlas Lithium has a 52 week low of $6.25 and a 52 week high of $34.00. 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 issued its earnings results on Friday, November 8th. The company reported ($0.60) 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. Research analysts anticipate that Atlas Lithium will post -2.79 earnings per share 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.