Warberg Asset Management LLC Makes New Investment in Atlas Lithium Corporation (NASDAQ:ATLX)

Key Points

• Warberg Asset Management LLC acquired approximately 126,999 shares of Atlas Lithium Corporation, valued at about $657,000, increasing its stake to 0.73% by the end of the most recent quarter.
• Atlas Lithium reported a loss of $0.55 EPS for the last quarter, missing analyst expectations, with a negative net margin of 8,115.34% and revenue of only $0.03 million.
• The stock has a market cap of $77.43 million and a 1-year price range from $3.54 to $12.48, with current trading around $4.34.

Warberg Asset Management LLC bought a new stake in shares of Atlas Lithium Corporation (NASDAQ:ATLX - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 126,999 shares of the company's stock, valued at approximately $657,000. Warberg Asset Management LLC owned 0.73% of Atlas Lithium at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Millennium Management LLC purchased a new stake in Atlas Lithium in the fourth quarter worth about $64,000. Invesco Ltd. raised its holdings in shares of Atlas Lithium by 19.7% in the 4th quarter. Invesco Ltd. now owns 226,683 shares of the company's stock valued at $1,435,000 after purchasing an additional 37,294 shares in the last quarter. Alps Advisors Inc. purchased a new stake in shares of Atlas Lithium in the 1st quarter worth approximately $56,000. Quadrant Private Wealth Management LLC purchased a new stake in shares of Atlas Lithium in the 1st quarter worth approximately $93,000. Finally, Cross Staff Investments Inc boosted its stake 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 valued at $2,857,000 after purchasing an additional 23,500 shares in the last quarter. 18.35% of the stock is currently owned by institutional investors.

Atlas Lithium Stock Down 6.3%

NASDAQ:ATLX traded down $0.39 during trading hours on Friday, reaching $5.80. The company's stock had a trading volume of 476,365 shares, compared to its average volume of 229,033. The stock has a 50 day moving average price of $4.41 and a two-hundred day moving average price of $4.78. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.26 and a current ratio of 2.16. The company has a market capitalization of $113.58 million, a P/E ratio of -2.66 and a beta of -0.83. Atlas Lithium Corporation has a 12 month low of $3.54 and a 12 month high of $12.48.

Atlas Lithium (NASDAQ:ATLX - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported ($0.31) EPS for the quarter, topping the consensus estimate of ($0.59) by $0.28. The firm had revenue of $0.03 million during the quarter, compared to analyst estimates of $24.00 million. Atlas Lithium had a negative return on equity of 143.98% and a negative net margin of 9,881.20%. Equities analysts predict that Atlas Lithium Corporation will post -2.79 EPS for the current fiscal year.

Atlas Lithium 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.