Almonty Industries (NASDAQ:ALM) Trading Down 12.8% – Here’s What Happened

Almonty Industries Inc. (NASDAQ:ALM)’s share price dropped 12.8% during mid-day trading on Thursday . The company traded as low as $12.36 and last traded at $12.37. Approximately 3,110,972 shares changed hands during mid-day trading, a decline of 37% from the average daily volume of 4,921,287 shares. The stock had previously closed at $14.18.

Analysts Set New Price Targets

ALM has been the topic of a number of recent research reports. Oppenheimer raised their price target on shares of Almonty Industries from $7.00 to $12.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 15th. Wall Street Zen upgraded shares of Almonty Industries from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Almonty Industries in a report on Monday, December 29th. Finally, DA Davidson boosted their price target on Almonty Industries from $12.00 to $18.00 and gave the company a “buy” rating in a research note on Wednesday, February 4th. Three research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $12.17.

Almonty Industries Price Performance

The stock has a market capitalization of $3.36 billion and a price-to-earnings ratio of -55.52. The company has a current ratio of 2.38, a quick ratio of 2.25 and a debt-to-equity ratio of 1.02. The stock has a 50-day moving average price of $9.75.

Institutional Trading of Almonty Industries

Large investors have recently made changes to their positions in the company. Telemark Asset Management LLC bought a new position in Almonty Industries in the third quarter valued at approximately $7,839,000. Alyeska Investment Group L.P. acquired a new stake in shares of Almonty Industries in the 3rd quarter valued at $7,839,000. ArrowMark Colorado Holdings LLC acquired a new stake in shares of Almonty Industries in the 3rd quarter valued at $7,807,000. Millennium Management LLC bought a new position in shares of Almonty Industries in the 3rd quarter valued at $5,948,000. Finally, Royce & Associates LP acquired a new position in shares of Almonty Industries during the 4th quarter worth $7,356,000.

Almonty Industries Company Profile

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.