Atlas Lithium (NASDAQ:ATLX) Shares Up 5.9% – What’s Next?

Atlas Lithium Corporation (NASDAQ:ATLX) shares were up 5.9% during trading on Monday . The company traded as high as $5.67 and last traded at $5.60. Approximately 422,566 shares traded hands during trading, an increase of 5% from the average daily volume of 404,288 shares. The stock had previously closed at $5.29.

Analysts Set New Price Targets

ATLX has been the topic of several research analyst reports. HC Wainwright cut their price objective on Atlas Lithium from $18.00 to $12.00 and set a “buy” rating on the stock in a research report on Monday, November 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Atlas Lithium in a research report on Monday, December 29th. Finally, Zacks Research raised shares of Atlas Lithium to a “hold” rating in a report on Thursday, February 5th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $12.00.

Atlas Lithium Stock Performance

The company has a debt-to-equity ratio of 0.28, a quick ratio of 3.61 and a current ratio of 3.69. The company has a market capitalization of $120.01 million, a P/E ratio of -2.59 and a beta of -0.76. The business has a 50 day moving average of $5.12 and a 200-day moving average of $5.08.

Atlas Lithium (NASDAQ:ATLX) last issued its earnings results on Wednesday, March 4th. The company reported ($0.36) EPS for the quarter. Atlas Lithium had a negative return on equity of 120.64% and a negative net margin of 9,881.20%.The company had revenue of $0.04 million during the quarter. On average, sell-side analysts predict that Atlas Lithium Corporation will post -2.79 EPS for the current fiscal year.

Institutional Trading of Atlas Lithium

Hedge funds and other institutional investors have recently bought and sold shares of the company. Invesco Ltd. boosted its holdings in Atlas Lithium by 63.0% in the 2nd quarter. Invesco Ltd. now owns 330,005 shares of the company’s stock valued at $1,247,000 after purchasing an additional 127,531 shares during the period. Marshall Wace LLP purchased a new stake in shares of Atlas Lithium in the second quarter worth $258,000. First Wilshire Securities Management Inc. boosted its stake in Atlas Lithium by 210.3% during the second quarter. First Wilshire Securities Management Inc. now owns 187,378 shares of the company’s stock valued at $708,000 after buying an additional 126,994 shares during the period. Cross Staff Investments Inc grew its position in Atlas Lithium by 2.2% during the third quarter. Cross Staff Investments Inc now owns 565,618 shares of the company’s stock worth $2,692,000 after buying an additional 12,000 shares in the last quarter. Finally, Alps Advisors Inc. purchased a new position in Atlas Lithium during the third quarter worth about $57,000. 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.