Atlas Lithium (NASDAQ:ATLX) Trading Down 0.3% - What's Next?

Key Points

• Atlas Lithium Corporation shares fell by 0.3% to last trade at $5.95, with a trading volume of 639,359 shares, indicating a slight increase compared to its average session volume.
• In its latest quarterly earnings report, Atlas Lithium posted an earnings per share of ($0.31), exceeding the consensus estimate of ($0.59), but reported significantly lower revenue of $0.03 million compared to expectations of $24.00 million.
• Recent institutional buying has seen Invesco Ltd. increase its stake in Atlas Lithium by 19.7%, highlighting a shift in investor interest; currently, institutional investors hold 18.35% of the company’s stock.

Atlas Lithium Corporation (NASDAQ:ATLX - Get Free Report) shares fell 0.3% on Wednesday . The stock traded as low as $5.81 and last traded at $5.95. 639,359 shares were traded during trading, an increase of 6% from the average session volume of 605,482 shares. The stock had previously closed at $5.97.

Atlas Lithium Stock Down 0.3%

The company has a market capitalization of $116.50 million, a P/E ratio of -2.73 and a beta of -0.83. The firm's 50 day moving average price is $4.55 and its two-hundred day moving average price is $4.76. 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 results on Monday, August 4th. The company reported ($0.31) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.28. The company had revenue of $0.03 million during the quarter, compared to analysts' expectations of $24.00 million. Atlas Lithium had a negative net margin of 9,881.20% and a negative return on equity of 143.98%. Equities research analysts forecast that Atlas Lithium Corporation will post -2.79 EPS for the current year.

Hedge Funds Weigh In On Atlas Lithium

Hedge funds and other institutional investors have recently made changes to their positions in the company. Invesco Ltd. boosted its position in Atlas Lithium by 19.7% during the fourth quarter. Invesco Ltd. now owns 226,683 shares of the company's stock worth $1,435,000 after purchasing an additional 37,294 shares during the period. Millennium Management LLC bought a new position in Atlas Lithium during the fourth quarter worth $64,000. Polar Asset Management Partners Inc. boosted its position in Atlas Lithium by 3.1% during the fourth quarter. Polar Asset Management Partners Inc. now owns 111,476 shares of the company's stock worth $706,000 after purchasing an additional 3,316 shares during the period. Cross Staff Investments Inc boosted its position in 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. Finally, Alps Advisors Inc. bought a new position in Atlas Lithium during the first quarter worth $56,000. 18.35% of the stock is owned by institutional investors.

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.