Atlas Lithium Corporation [NASDAQ: ATLX] stock went on an upward path that rose over 20.28% on Wednesday, amounting to a one-week price increase of more than 43.66%. The company report on January 18, 2023 that Atlas Lithium Signs Memorandum of Understanding with Mitsui & Co.
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Belo Horizonte, Brazil–(Newsfile Corp. – January 18, 2023) – Atlas Lithium Corporation (NASDAQ: ATLX) (“Atlas Lithium” or the “Company”), a mineral exploration company focused on lithium and other battery metals critical to powering the green energy revolution, is pleased to announce that it has signed a Memorandum of Understanding (the “MOU”) with Mitsui & Co., Ltd. (“Mitsui) with respect to Mitsui’s potential interest in acquiring the right to purchase Atlas Lithium’s future lithium concentrate production. Mitsui is a global enterprise headquartered in Tokyo, Japan, with $122.3 billion in assets, $96.4 billion in annual revenues, and 44,336 employees in 63 countries, as of its last reported results.
In general terms, the MOU contemplates potential funding from Mitsui to Atlas Lithium of up to $65 million (the “Offtake Funding”), in tranches and subject to the achievement of specific milestones acceptable to Mitsui, that would give Mitsui the right to buy up to 100% of Atlas Lithium’s production from its planned plant with output capacity of 150,000 tons of lithium concentrate per year (the “Plant”). The Offtake Funding would be primarily used by Atlas Lithium for the construction of the Plant. Lithium concentrate produced by the Plant would then be available for purchase by Mitsui at a price generally based on the then-prevailing market price.
Over the last 12 months, ATLX stock rose by 74.36%.
The market cap for the stock reached $58.45 million, with 3.43 billion shares outstanding and 4.25 million shares in the current float. Compared to the average trading volume of 52.94K shares, ATLX stock reached a trading volume of 4866386 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Atlas Lithium Corporation [ATLX]:
The Average True Range (ATR) for Atlas Lithium Corporation is set at 1.89, with the Price to Sales ratio for ATLX stock in the period of the last 12 months amounting to 8018.38.
ATLX Stock Performance Analysis:
Atlas Lithium Corporation [ATLX] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 43.66. With this latest performance, ATLX shares gained by 34.65% in over the last four-week period, additionally sinking by -20.00% over the last 6 months – not to mention a rise of 74.36% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for ATLX stock in for the last two-week period is set at 60.30, with the RSI for the last a single of trading hit 67.57, and the three-weeks RSI is set at 55.92 for Atlas Lithium Corporation [ATLX]. The present Moving Average for the last 50 days of trading for this stock 9.82, while it was recorded at 8.37 for the last single week of trading, and 8.43 for the last 200 days.
Insight into Atlas Lithium Corporation Fundamentals:
Operating Margin for any stock indicates how profitable investing would be, and Atlas Lithium Corporation [ATLX] shares currently have an operating margin of -34363.68 and a Gross Margin at -20939.05. Atlas Lithium Corporation’s Net Margin is presently recorded at -27094.98.
Atlas Lithium Corporation’s liquidity data is similarly interesting compelling, with a Current Ratio set at 0.20.