Atlas Lithium (NASDAQ:ATLX) Stock Price Up 7.5% – Here’s Why

Shares of Atlas Lithium Corporation (NASDAQ:ATLX) rose 7.5% during trading on Monday . The company traded as high as $4.17 and last traded at $4.01. Approximately 641,789 shares were traded during trading, a decline of 15% from the average daily volume of 752,819 shares. The stock had previously closed at $3.73.

Wall Street Analysts Forecast Growth

ATLX has been the subject of a number of analyst reports. Weiss Ratings upgraded shares of Atlas Lithium from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 1st. Wall Street Zen upgraded shares of Atlas Lithium from a “sell” rating to a “hold” rating in a research note on Saturday, April 11th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Atlas Lithium currently has an average rating of “Hold” and an average target price of $12.00.

Atlas Lithium Price Performance

The company has a market cap of $112.95 million, a price-to-earnings ratio of -2.52 and a beta of -0.14. The firm’s 50 day simple moving average is $4.53 and its 200-day simple moving average is $4.75.

Atlas Lithium (NASDAQ:ATLX) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.50) earnings per share (EPS) for the quarter. The business had revenue of $0.07 million for the quarter. On average, analysts forecast that Atlas Lithium Corporation will post -0.23 EPS for the current year.

Insider Transactions at Atlas Lithium

In other Atlas Lithium news, CFO Tiago Miranda sold 5,831 shares of the company’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $5.03, for a total value of $29,329.93. Following the completion of the transaction, the chief financial officer owned 30,000 shares in the company, valued at $150,900. This represents a 16.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 22.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Atlas Lithium

Several large investors have recently bought and sold shares of the stock. Prospera Financial Services Inc acquired a new stake in shares of Atlas Lithium during the fourth quarter worth about $42,000. LPL Financial LLC acquired a new stake in shares of Atlas Lithium during the fourth quarter worth about $43,000. Quadrature Capital Ltd acquired a new stake in shares of Atlas Lithium during the fourth quarter worth about $61,000. Alps Advisors Inc. boosted its stake in shares of Atlas Lithium by 95.7% during the fourth quarter. Alps Advisors Inc. now owns 23,413 shares of the company’s stock worth $99,000 after buying an additional 11,447 shares during the period. Finally, Virtu Financial LLC acquired a new stake in shares of Atlas Lithium during the third quarter worth about $153,000. 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. The company also owns 100% interests in various mining concessions for gold, diamond, and industrial sand; and early-stage projects and properties in other minerals, such as nickel, copper, rare earths, graphite, and titanium; as well as participates in iron and quartzite projects.