Atlas Lithium (NASDAQ:ATLX) Shares Down 4.2% – Time to Sell?

Atlas Lithium Corporation (NASDAQ:ATLX) shares dropped 4.2% during mid-day trading on Monday . The stock traded as low as $4.55 and last traded at $4.59. Approximately 473,002 shares traded hands during trading, a decline of 24% from the average daily volume of 625,974 shares. The stock had previously closed at $4.79.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. HC Wainwright dropped their target price on shares of 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 reiterated a “sell (d-)” rating on shares of Atlas Lithium in a research note on Monday, December 22nd. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Atlas Lithium presently has an average rating of “Hold” and an average price target of $12.00.

Atlas Lithium Stock Down 4.2%

The company has a current ratio of 3.69, a quick ratio of 3.61 and a debt-to-equity ratio of 0.28. The business’s 50-day simple moving average is $4.75 and its 200-day simple moving average is $4.91. The company has a market capitalization of $110.39 million, a PE ratio of -2.38 and a beta of -0.82.

Atlas Lithium (NASDAQ:ATLX) last released its quarterly earnings data on Thursday, November 13th. The company reported ($0.35) EPS for the quarter, beating the consensus estimate of ($0.64) by $0.29. Atlas Lithium had a negative net margin of 9,881.20% and a negative return on equity of 120.64%. As a group, equities research analysts anticipate that Atlas Lithium Corporation will post -2.79 EPS for the current fiscal year.

Hedge Funds Weigh In On Atlas Lithium

A number of institutional investors have recently modified their holdings of the stock. Cross Staff Investments Inc boosted its stake in shares of Atlas Lithium by 2.2% in 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 during the last quarter. Invesco Ltd. raised its position in Atlas Lithium by 63.0% during the second quarter. Invesco Ltd. now owns 330,005 shares of the company’s stock valued at $1,247,000 after acquiring an additional 127,531 shares in the last quarter. First Wilshire Securities Management Inc. lifted its holdings in Atlas Lithium by 210.3% in the second quarter. First Wilshire Securities Management Inc. now owns 187,378 shares of the company’s stock valued at $708,000 after acquiring an additional 126,994 shares during the period. Connective Capital Management LLC acquired a new position in Atlas Lithium in the third quarter valued at approximately $405,000. Finally, Marshall Wace LLP purchased a new stake in Atlas Lithium in the 2nd quarter worth approximately $258,000. Hedge funds and other 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.