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

Atlas Lithium Co. (NASDAQ:ATLX) was the target of a large decrease in short interest in 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. Currently, 3.9% of the shares of the company are sold short. Based on an average daily volume of 96,400 shares, the short-interest ratio is presently 1.8 days.

Analysts Set New Price Targets

Several equities research analysts have commented on ATLX shares. Alliance Global Partners lowered their price objective on Atlas Lithium from $75.00 to $55.00 and set a “buy” rating on the stock in a research report on Tuesday, April 2nd. HC Wainwright lowered their price objective on Atlas Lithium from $52.00 to $40.00 and set a “buy” rating on the stock in a research report on Monday, April 1st. Finally, Roth Mkm decreased their target price on Atlas Lithium from $39.00 to $36.00 and set a “buy” rating on the stock in a research report on Monday, April 1st.

Atlas Lithium Stock Performance

Shares of NASDAQ:ATLX traded up $0.62 during midday trading on Friday, reaching $14.67. 30,853 shares of the company’s stock traded hands, compared to its average volume of 87,049. Atlas Lithium has a 1 year low of $11.80 and a 1 year high of $45.00. The company has a current ratio of 5.24, a quick ratio of 5.24 and a debt-to-equity ratio of 1.04. The company has a fifty day simple moving average of $15.50 and a two-hundred day simple moving average of $21.84.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Barclays PLC acquired a new position in Atlas Lithium in the 2nd quarter valued at $28,000. Dorsey Wright & Associates acquired a new position in Atlas Lithium in the 3rd quarter valued at $28,000. Cross Staff Investments Inc raised its stake in Atlas Lithium by 1.1% in the 4th quarter. Cross Staff Investments Inc now owns 215,612 shares of the company’s stock valued at $6,744,000 after purchasing an additional 2,400 shares during the last quarter. Finally, Tower Research Capital LLC TRC acquired a new position in Atlas Lithium in the 4th quarter valued at $33,000. Hedge funds and other institutional investors own 18.35% of the company’s stock.

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.