Almonty Industries (NASDAQ:ALM) Shares Gap Up – Here’s What Happened

Almonty Industries Inc. (NASDAQ:ALM) shares gapped up before the market opened on Friday . The stock had previously closed at $17.18, but opened at $17.76. Almonty Industries shares last traded at $17.3810, with a volume of 1,092,852 shares changing hands.

Analyst Upgrades and Downgrades

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

Almonty Industries Price Performance

The company’s 50-day moving average is $14.52 and its 200-day moving average is $9.56. The company has a debt-to-equity ratio of 1.02, a current ratio of 2.38 and a quick ratio of 2.25. The firm has a market capitalization of $4.75 billion and a price-to-earnings ratio of -74.35.

Hedge Funds Weigh In On Almonty Industries

A number of hedge funds have recently made changes to their positions in ALM. Van ECK Associates Corp increased its holdings 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 buying an additional 11,155,572 shares during the last quarter. Encompass Capital Advisors LLC acquired a new position in Almonty Industries in the fourth quarter valued at $25,620,000. Next Century Growth Investors LLC purchased a new stake in Almonty Industries during the fourth quarter valued at about $16,345,000. Telemark Asset Management LLC acquired a new stake in Almonty Industries during the third quarter worth about $7,839,000. Finally, Alyeska Investment Group L.P. purchased a new position in shares of Almonty Industries in the 3rd quarter worth about $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.