Atlas Lithium (NASDAQ:ATLX) Stock Price Down 6.3% – Here’s What Happened

Shares of Atlas Lithium Corporation (NASDAQ:ATLX) dropped 6.3% during mid-day trading on Tuesday . The company traded as low as $5.78 and last traded at $5.80. Approximately 1,216,630 shares were traded during trading, an increase of 48% from the average daily volume of 823,083 shares. The stock had previously closed at $6.19.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Atlas Lithium in a research report on Saturday, September 27th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Atlas Lithium currently has a consensus rating of “Hold” and an average target price of $19.00.

Atlas Lithium Stock Down 6.3%

The firm’s 50 day simple moving average is $5.25 and its 200-day simple moving average is $4.62. The company has a current ratio of 2.16, a quick ratio of 2.09 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $113.56 million, a price-to-earnings ratio of -2.66 and a beta of -0.88.

Atlas Lithium (NASDAQ:ATLX) last announced its quarterly earnings data on Monday, August 4th. The company reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.59) by $0.28. The company had revenue of $0.03 million during the quarter, compared to analysts’ expectations of $24.00 million. Atlas Lithium had a negative return on equity of 143.98% and a negative net margin of 9,881.20%. Equities analysts expect that Atlas Lithium Corporation will post -2.79 earnings per share for the current fiscal year.

Institutional Trading of Atlas Lithium

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC acquired a new stake in Atlas Lithium in the fourth quarter valued at $64,000. Alps Advisors Inc. bought a new stake in shares of Atlas Lithium in the 1st quarter valued at about $56,000. First Wilshire Securities Management Inc. acquired a new stake in Atlas Lithium in the 1st quarter valued at about $312,000. Warberg Asset Management LLC bought a new position in Atlas Lithium during the first quarter worth about $657,000. Finally, Quadrant Private Wealth Management LLC acquired a new position in Atlas Lithium during the first quarter worth approximately $93,000. 18.35% of the stock is owned by 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.