Atlas Lithium (NASDAQ:ATLX) Trading Up 7.5% – Still a Buy?

Atlas Lithium Corporation (NASDAQ:ATLX)’s stock price traded up 7.5% during trading on Monday . The company traded as high as $4.17 and last traded at $4.01. 641,789 shares traded hands during trading, a decline of 15% from the average session volume of 752,819 shares. The stock had previously closed at $3.73.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Wall Street Zen raised shares of Atlas Lithium from a “sell” rating to a “hold” rating in a research note on Saturday, April 11th. Weiss Ratings raised Atlas Lithium from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 1st. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $12.00.

Atlas Lithium Stock Performance

The firm’s fifty day moving average price is $4.56 and its 200 day moving average price is $4.77. The firm has a market cap of $118.25 million, a P/E ratio of -2.64 and a beta of -0.13.

Atlas Lithium (NASDAQ:ATLX) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.50) earnings per share for the quarter. The company had revenue of $0.07 million during the quarter. As a group, analysts expect that Atlas Lithium Corporation will post -0.23 earnings per share for the current fiscal year.

Insider Activity

In other Atlas Lithium news, CFO Tiago Miranda sold 5,831 shares of the firm’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $5.03, for a total transaction of $29,329.93. Following the completion of the transaction, the chief financial officer directly owned 30,000 shares of the company’s stock, valued at approximately $150,900. This trade represents a 16.27% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 22.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Cross Staff Investments Inc boosted its stake in shares of Atlas Lithium by 0.7% during the 1st quarter. Cross Staff Investments Inc now owns 558,718 shares of the company’s stock worth $2,430,000 after acquiring an additional 4,000 shares in the last quarter. Prospera Financial Services Inc purchased a new position in shares of Atlas Lithium in the 4th quarter valued at about $42,000. LPL Financial LLC acquired a new position in Atlas Lithium in the 4th quarter worth about $43,000. Alps Advisors Inc. raised its holdings in Atlas Lithium by 95.7% in the 4th quarter. Alps Advisors Inc. now owns 23,413 shares of the company’s stock worth $99,000 after purchasing an additional 11,447 shares during the period. Finally, Marshall Wace LLP boosted its position in Atlas Lithium by 2.0% during the fourth quarter. Marshall Wace LLP now owns 614,259 shares of the company’s stock worth $2,598,000 after purchasing an additional 12,169 shares in the last quarter. Institutional investors and hedge funds 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. 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.