Atlas Lithium Corporation (NASDAQ:ATLX) Short Interest Up 37.5% in August

Key Points

• Atlas Lithium Corporation experienced a 37.5% increase in short interest in August, with a total of 713,300 shares sold short as of August 31st, compared to 518,700 shares on August 15th.
• Institutional investors now own approximately 18.35% of Atlas Lithium, with notable new stakes from Alps Advisors, Millennium Management, and First Wilshire Securities Management.
• In its latest earnings report, Atlas Lithium posted a quarterly loss of ($0.31) EPS, exceeding analysts' expectations, but reported revenue significantly below estimates at $0.03 million.

Atlas Lithium Corporation (NASDAQ:ATLX - Get Free Report) saw a significant increase in short interest in August. As of August 31st, there was short interest totaling 713,300 shares, an increase of 37.5% from the August 15th total of 518,700 shares. Based on an average daily trading volume, of 415,100 shares, the short-interest ratio is currently 1.7 days. Approximately 7.1% of the company's shares are sold short. Approximately 7.1% of the company's shares are sold short. Based on an average daily trading volume, of 415,100 shares, the short-interest ratio is currently 1.7 days.

Hedge Funds Weigh In On Atlas Lithium

Institutional investors have recently bought and sold shares of the stock. Alps Advisors Inc. bought a new position in Atlas Lithium in the first quarter worth about $56,000. Millennium Management LLC purchased a new stake in Atlas Lithium in the fourth quarter worth about $64,000. Quadrant Private Wealth Management LLC purchased a new stake in Atlas Lithium in the first quarter worth about $93,000. Marshall Wace LLP purchased a new stake in Atlas Lithium in the second quarter worth about $258,000. Finally, First Wilshire Securities Management Inc. purchased a new stake in Atlas Lithium in the first quarter worth about $312,000. 18.35% of the stock is owned by institutional investors.

Atlas Lithium Price Performance

ATLX stock opened at $4.78 on Tuesday. Atlas Lithium has a 1 year low of $3.54 and a 1 year high of $11.89. The company has a market cap of $93.59 million, a P/E ratio of -2.19 and a beta of -0.82. The firm has a 50-day moving average of $5.07 and a 200 day moving average of $4.66. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.16 and a quick ratio of 2.09.

Atlas Lithium (NASDAQ:ATLX - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.59) by $0.28. Atlas Lithium had a negative net margin of 9,881.20% and a negative return on equity of 143.98%. The company had revenue of $0.03 million during the quarter, compared to the consensus estimate of $24.00 million. On average, sell-side analysts forecast that Atlas Lithium will post -2.79 EPS for the current year.

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.

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