Atlas Lithium (NASDAQ:ATLX) Shares Down 0.3% - Should You Sell?

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.

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

Atlas Lithium Price Performance

The company has a market capitalization of $123.18 million, a PE ratio of -2.89 and a beta of -0.83. The company's 50-day simple moving average is $4.59 and its 200-day simple moving average is $4.73. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.09 and a current ratio of 2.16.

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 (EPS) for the quarter, beating the consensus estimate of ($0.59) by $0.28. Atlas Lithium had a negative return on equity of 143.98% and a negative net margin of 9,881.20%. The firm had revenue of $0.03 million for the quarter, compared to analysts' expectations of $24.00 million. As a group, sell-side analysts anticipate that Atlas Lithium Corporation will post -2.79 earnings per share for the current year.

Institutional Trading of Atlas Lithium

Several hedge funds have recently made changes to their positions in the company. Cross Staff Investments Inc boosted its holdings in Atlas Lithium by 4.4% in the 1st quarter. Cross Staff Investments Inc now owns 552,618 shares of the company's stock valued at $2,857,000 after purchasing an additional 23,500 shares in the last quarter. Invesco Ltd. raised its position in Atlas Lithium by 63.0% in the second quarter. Invesco Ltd. now owns 330,005 shares of the company's stock worth $1,247,000 after acquiring an additional 127,531 shares in the last quarter. First Wilshire Securities Management Inc. lifted its holdings in Atlas Lithium by 210.3% in the second quarter. First Wilshire Securities Management Inc. now owns 187,378 shares of the company's stock valued at $708,000 after acquiring an additional 126,994 shares during the period. Warberg Asset Management LLC purchased a new stake in shares of Atlas Lithium during the 1st quarter worth $657,000. Finally, Polar Asset Management Partners Inc. grew its stake in shares of Atlas Lithium by 3.1% during the 4th 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. Institutional investors and hedge funds 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.