Almonty Industries (NASDAQ:ALM) Trading 9.2% Higher on Analyst Upgrade

Almonty Industries Inc. (NASDAQ:ALM) shares traded up 9.2% on Friday after B. Riley Securities raised their price target on the stock from $10.00 to $17.00. B. Riley Securities currently has a buy rating on the stock. Almonty Industries traded as high as $14.09 and last traded at $13.94. 1,675,004 shares were traded during trading, a decline of 66% from the average session volume of 4,934,940 shares. The stock had previously closed at $12.77.

Several other equities analysts have also recently commented on ALM. DA Davidson boosted their target price on shares of Almonty Industries from $12.00 to $18.00 and gave the company a “buy” rating in a research report on Wednesday, February 4th. Weiss Ratings reissued a “sell (e+)” rating on shares of Almonty Industries in a research note on Monday, December 29th. Finally, Wall Street Zen upgraded shares of Almonty Industries from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Four research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $13.38.

Institutional Trading of Almonty Industries

A number of hedge funds have recently added to or reduced their stakes in the stock. FNY Investment Advisers LLC bought a new stake in shares of Almonty Industries during the third quarter worth $30,000. Global Retirement Partners LLC bought a new position in shares of Almonty Industries in the 4th quarter valued at $35,000. State of Wyoming acquired a new stake in shares of Almonty Industries during the 4th quarter valued at $41,000. Banque Cantonale Vaudoise acquired a new stake in shares of Almonty Industries during the 3rd quarter valued at $54,000. Finally, MCF Advisors LLC bought a new stake in Almonty Industries during the 3rd quarter worth $60,000.

Almonty Industries Stock Performance

The company has a debt-to-equity ratio of 1.02, a quick ratio of 2.25 and a current ratio of 2.38. The stock has a market capitalization of $3.66 billion and a price-to-earnings ratio of -60.56. The stock has a fifty day moving average price of $9.86.

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.