Atlas Lithium (NASDAQ:ATLX) Shares Down 2.4% – Here’s Why

Atlas Lithium Co. (NASDAQ:ATLX)’s share price dropped 2.4% during mid-day trading on Tuesday . The company traded as low as $5.15 and last traded at $5.23. Approximately 346,132 shares changed hands during mid-day trading, an increase of 182% from the average daily volume of 122,790 shares. The stock had previously closed at $5.36.

Analysts Set New Price Targets

Separately, HC Wainwright reiterated a “buy” rating and issued a $19.00 price target on shares of Atlas Lithium in a research report on Tuesday, October 29th.

Atlas Lithium Stock Performance

The company has a market cap of $80.65 million, a price-to-earnings ratio of -1.28 and a beta of -1.37. The stock’s fifty day simple moving average is $6.34 and its two-hundred day simple moving average is $7.66. The company has a debt-to-equity ratio of 0.41, a quick ratio of 3.45 and a current ratio of 3.54.

Hedge Funds Weigh In On Atlas Lithium

A number of hedge funds have recently made changes to their positions in the stock. Perritt Capital Management Inc purchased a new position in shares of Atlas Lithium in the 4th quarter valued at $63,000. Millennium Management LLC purchased a new position in shares of Atlas Lithium in the 4th quarter valued at $64,000. Bank of New York Mellon Corp purchased a new position in shares of Atlas Lithium in the 4th quarter valued at $317,000. Polar Asset Management Partners Inc. raised its stake in shares of Atlas Lithium by 3.1% in the 4th quarter. Polar Asset Management Partners Inc. now owns 111,476 shares of the company’s stock valued at $706,000 after acquiring an additional 3,316 shares during the period. Finally, Invesco Ltd. raised its stake 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 acquiring an additional 37,294 shares during the period. Institutional investors and hedge funds own 18.35% of the company’s stock.

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.