Almonty Industries (NASDAQ:ALM) Shares Down 8.3% – Here’s Why

Almonty Industries Inc. (NASDAQ:ALM) traded down 8.3% during mid-day trading on Friday . The stock traded as low as $19.30 and last traded at $19.3070. 2,554,547 shares were traded during trading, a decline of 48% from the average session volume of 4,895,063 shares. The stock had previously closed at $21.06.

Analyst Upgrades and Downgrades

Several research analysts recently commented on ALM shares. DA Davidson set a $25.00 price target on Almonty Industries in a research report on Friday, March 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Almonty Industries in a research note on Monday, December 29th. Finally, B. Riley Financial lifted their target price on Almonty Industries from $10.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, February 13th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $15.13.

Almonty Industries Price Performance

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 company has a market capitalization of $5.44 billion and a PE ratio of -84.70. The stock’s 50-day moving average is $13.61 and its two-hundred day moving average is $9.07.

Institutional Investors Weigh In On Almonty Industries

Several hedge funds and other institutional investors have recently modified their holdings of the business. Van ECK Associates Corp lifted its stake in shares of Almonty Industries by 13,294.7% during the 4th quarter. Van ECK Associates Corp now owns 11,239,482 shares of the company’s stock worth $99,013,000 after acquiring an additional 11,155,572 shares during the last quarter. Encompass Capital Advisors LLC purchased a new stake in Almonty Industries in the fourth quarter worth $25,620,000. Next Century Growth Investors LLC bought a new stake in shares of Almonty Industries during the fourth quarter worth $16,345,000. Telemark Asset Management LLC bought a new stake in shares of Almonty Industries during the third quarter worth $7,839,000. Finally, Alyeska Investment Group L.P. purchased a new stake in shares of Almonty Industries during the third quarter valued at $7,839,000.

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.