Short Interest in Atlas Lithium Corporation (NASDAQ:ATLX) Expands By 37.5%

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) was the target of a large increase in short interest during the month of 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 presently 1.7 days. Approximately 7.1% of the shares of the company are short sold. Approximately 7.1% of the shares of the company are short sold. Based on an average daily trading volume, of 415,100 shares, the short-interest ratio is presently 1.7 days.

Atlas Lithium Stock Performance

NASDAQ ATLX traded down $0.03 on Friday, hitting $4.50. The stock had a trading volume of 446,762 shares, compared to its average volume of 410,678. Atlas Lithium has a one year low of $3.54 and a one year high of $11.89. The company has a quick ratio of 2.09, a current ratio of 2.16 and a debt-to-equity ratio of 0.38. The stock has a market cap of $88.11 million, a price-to-earnings ratio of -2.06 and a beta of -0.82. The company's 50-day moving average is $5.11 and its two-hundred day moving average is $4.65.

Atlas Lithium (NASDAQ:ATLX - Get Free Report) last released its earnings results on Monday, August 4th. The company reported ($0.31) EPS for the quarter, beating the consensus estimate 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 business had revenue of $0.03 million during the quarter, compared to analyst estimates of $24.00 million. On average, analysts expect that Atlas Lithium will post -2.79 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Millennium Management LLC acquired a new position in Atlas Lithium in the 4th quarter valued at $64,000. Alps Advisors Inc. acquired a new stake in shares of Atlas Lithium during the 1st quarter valued at about $56,000. First Wilshire Securities Management Inc. acquired a new stake in shares of Atlas Lithium during the 1st quarter valued at about $312,000. Warberg Asset Management LLC acquired a new stake in shares of Atlas Lithium during the 1st quarter valued at about $657,000. Finally, Quadrant Private Wealth Management LLC acquired a new stake in shares of Atlas Lithium during the 1st quarter valued at about $93,000. 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.