Atlas Lithium (NASDAQ:ATLX) Stock Price Down 6.3% - Here's Why

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

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a "sell (e+)" rating on shares of Atlas Lithium in a report on Saturday, September 27th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $19.00.

Atlas Lithium Trading Down 6.3%

The company has a market capitalization of $113.56 million, a P/E ratio of -2.66 and a beta of -0.88. The business has a 50 day moving average price of $5.25 and a 200 day moving average price of $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.

Atlas Lithium (NASDAQ:ATLX - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating 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 firm had revenue of $0.03 million during the quarter, compared to analysts' expectations of $24.00 million. Analysts anticipate that Atlas Lithium Corporation will post -2.79 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC acquired a new stake in shares of Atlas Lithium during the fourth quarter worth about $64,000. Alps Advisors Inc. bought a new stake in Atlas Lithium during the 1st quarter worth approximately $56,000. Quadrant Private Wealth Management LLC acquired a new stake in Atlas Lithium during the 1st quarter worth approximately $93,000. First Wilshire Securities Management Inc. bought a new position in Atlas Lithium in the first quarter valued at approximately $312,000. Finally, Marshall Wace LLP acquired a new position in shares of Atlas Lithium in the second quarter valued at approximately $258,000. 18.35% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.