Atlas Lithium (NASDAQ:ATLX) Stock Price Up 0.2% - Should You Buy?

Atlas Lithium Corporation (NASDAQ:ATLX - Get Free Report) shares shot up 0.2% during mid-day trading on Monday . The stock traded as high as $4.10 and last traded at $4.02. 240,562 shares traded hands during mid-day trading, an increase of 69% from the average session volume of 142,734 shares. The stock had previously closed at $4.01.

Atlas Lithium Stock Performance

The company has a quick ratio of 2.26, a current ratio of 2.33 and a debt-to-equity ratio of 0.40. The company has a 50 day simple moving average of $4.08 and a 200-day simple moving average of $4.96. The stock has a market capitalization of $80.03 million, a price-to-earnings ratio of -1.65 and a beta of -0.86.

Atlas Lithium (NASDAQ:ATLX - Get Free Report) last issued its quarterly earnings results on Friday, May 9th. The company reported ($0.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.50) by ($0.05). Atlas Lithium had a negative net margin of 8,115.34% and a negative return on equity of 166.50%. The business had revenue of $0.03 million during the quarter, compared to analyst estimates of $15.40 million. As a group, equities research analysts expect that Atlas Lithium Corporation will post -2.79 EPS for the current fiscal year.

Hedge Funds Weigh In On Atlas Lithium

Several institutional investors have recently added to or reduced their stakes in the business. First Wilshire Securities Management Inc. acquired a new position in shares of Atlas Lithium during the first quarter worth approximately $312,000. Warberg Asset Management LLC acquired a new position in shares of Atlas Lithium during the first quarter worth approximately $657,000. Quadrant Private Wealth Management LLC acquired a new position in shares of Atlas Lithium during the first quarter worth approximately $93,000. Alps Advisors Inc. acquired a new position in shares of Atlas Lithium during the first quarter worth approximately $56,000. Finally, Cross Staff Investments Inc raised its position in shares of Atlas Lithium by 4.4% during the first quarter. Cross Staff Investments Inc now owns 552,618 shares of the company's stock worth $2,857,000 after purchasing an additional 23,500 shares during the period. 18.35% of the stock is owned by institutional investors and hedge funds.

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.