Almonty Industries (NASDAQ:ALM) Shares Down 6.3% – Here’s Why

by · The Cerbat Gem

Almonty Industries Inc. (NASDAQ:ALM – Get Free Report)’s share price traded down 6.3% during trading on Thursday . The company traded as low as $16.96 and last traded at $17.1760. 985,765 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 5,689,599 shares. The stock had previously closed at $18.33.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Oppenheimer boosted their price target on Almonty Industries from $22.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 3rd. Weiss Ratings raised shares of Almonty Industries from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Wednesday, August 12th. Jefferies Financial Group began coverage on shares of Almonty Industries in a research note on Wednesday, September 2nd. They issued a “buy” rating and a $26.25 target price for the company. Finally, DA Davidson boosted their target price on shares of Almonty Industries from $25.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $26.81.

Check Out Our Latest Research Report on Almonty Industries

Almonty Industries Price Performance

The stock has a 50 day moving average of $15.36 and a 200-day moving average of $17.43. The company has a debt-to-equity ratio of 1.37, a quick ratio of 9.51 and a current ratio of 9.58. The company has a market cap of $4.83 billion, a PE ratio of 104.66 and a beta of 3.75.

Hedge Funds Weigh In On Almonty Industries

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Leonteq Securities AG acquired a new stake in shares of Almonty Industries in the first quarter worth $29,000. Global Retirement Partners LLC purchased a new stake in Almonty Industries in the fourth quarter valued at $35,000. Rockefeller Capital Management L.P. grew its position in Almonty Industries by 30.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 4,333 shares of the company’s stock worth $38,000 after purchasing an additional 1,000 shares during the period. State of Wyoming acquired a new stake in Almonty Industries during the 4th quarter worth about $41,000. Finally, Pin Oak Investment Advisors Inc. purchased a new position in shares of Almonty Industries during the 2nd quarter valued at about $53,000.

About Almonty Industries

(Get Free Report)

Almonty Industries is a Canada-based mining company focused on the production, development and acquisition of tungsten assets. The company’s principal business activity is the mining and processing of tungsten-bearing ore to produce tungsten concentrates for industrial customers. Almonty pursues both operating mines and advanced-stage development projects with the objective of supplying a critical raw material used in hardmetals, tooling, drilling and other industrial applications.

Almonty’s asset footprint has historically included operating and development projects in Europe and Asia.

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