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

Atlas Lithium Co. (NASDAQ:ATLX) saw a large decrease in short interest during the month of April. As of April 15th, there was short interest totalling 168,900 shares, a decrease of 39.5% from the March 31st total of 279,200 shares. Based on an average daily volume of 96,400 shares, the days-to-cover ratio is currently 1.8 days. Approximately 3.9% of the company’s stock are short sold.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ATLX. Alliance Global Partners dropped their target price on shares of Atlas Lithium from $75.00 to $55.00 and set a “buy” rating on the stock in a research note on Tuesday, April 2nd. HC Wainwright cut their target price on Atlas Lithium from $52.00 to $40.00 and set a “buy” rating on the stock in a research note on Monday, April 1st. Finally, Roth Mkm decreased their price target on Atlas Lithium from $39.00 to $36.00 and set a “buy” rating for the company in a research note on Monday, April 1st.

Atlas Lithium Price Performance

ATLX opened at $14.05 on Friday. The company’s 50-day simple moving average is $15.58 and its two-hundred day simple moving average is $21.97. Atlas Lithium has a 52-week low of $11.80 and a 52-week high of $45.00. The stock has a market capitalization of $179.42 million, a P/E ratio of -3.46 and a beta of -1.14. The company has a debt-to-equity ratio of 1.04, a quick ratio of 5.24 and a current ratio of 5.24.

Atlas Lithium (NASDAQ:ATLX) last issued its earnings results on Wednesday, March 27th. The company reported ($1.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.88). As a group, analysts predict that Atlas Lithium will post -2 EPS for the current year.

Hedge Funds Weigh In On Atlas Lithium

Institutional investors and hedge funds have recently modified their holdings of the company. Cross Staff Investments Inc increased its position in Atlas Lithium by 1.1% during the fourth quarter. Cross Staff Investments Inc now owns 215,612 shares of the company’s stock valued at $6,744,000 after acquiring an additional 2,400 shares during the last quarter. Barclays PLC bought a new stake in shares of Atlas Lithium during the 2nd quarter valued at about $28,000. Tower Research Capital LLC TRC bought a new stake in shares of Atlas Lithium during the 4th quarter valued at about $33,000. Finally, Dorsey Wright & Associates purchased a new stake in shares of Atlas Lithium during the 3rd quarter valued at about $28,000. 18.35% of the stock is currently owned by hedge funds and other institutional investors.

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.