Almonty Industries (NASDAQ:ALM) Trading Down 10.9% – Here’s What Happened

Almonty Industries Inc. (NASDAQ:ALM)’s stock price was down 10.9% on Tuesday . The stock traded as low as $11.92 and last traded at $11.89. Approximately 730,585 shares were traded during mid-day trading, a decline of 86% from the average session volume of 5,367,046 shares. The stock had previously closed at $13.35.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ALM. Texas Capital raised shares of Almonty Industries to a “strong-buy” rating in a research report on Thursday, April 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Almonty Industries in a research note on Thursday, June 18th. DA Davidson upped their target price on shares of Almonty Industries from $25.00 to $33.00 and gave the company a “buy” rating in a report on Friday, July 10th. Finally, Oppenheimer raised their target price on shares of Almonty Industries from $22.00 to $25.00 and gave the company an “outperform” rating in a research note on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.88.

Almonty Industries Stock Performance

The stock has a market capitalization of $3.53 billion and a price-to-earnings ratio of -24.59. The company’s fifty day simple moving average is $16.85 and its 200 day simple moving average is $16.50. The company has a quick ratio of 2.37, a current ratio of 2.45 and a debt-to-equity ratio of 0.30.

Almonty Industries (NASDAQ:ALM) last announced its earnings results on Monday, May 11th. The company reported $0.01 EPS for the quarter, hitting the consensus estimate of $0.01. The business had revenue of $18.52 million during the quarter, compared to the consensus estimate of $15.44 million. Almonty Industries had a negative net margin of 262.29% and a negative return on equity of 11.01%. On average, equities research analysts expect that Almonty Industries Inc. will post 0.46 earnings per share for the current year.

Institutional Investors Weigh In On Almonty Industries

Institutional investors have recently made changes to their positions in the company. Rockefeller Capital Management L.P. grew its position in shares of Almonty Industries by 30.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 4,333 shares of the company’s stock valued at $38,000 after purchasing an additional 1,000 shares during the last quarter. Leonteq Securities AG acquired a new stake in Almonty Industries during the 1st quarter worth approximately $29,000. Serenus Wealth Advisors LLC lifted its holdings in Almonty Industries by 11.0% during the 4th quarter. Serenus Wealth Advisors LLC now owns 22,200 shares of the company’s stock worth $196,000 after purchasing an additional 2,200 shares during the last quarter. Global Retirement Partners LLC bought a new stake in Almonty Industries in the 4th quarter valued at $35,000. Finally, MCF Advisors LLC boosted its stake in Almonty Industries by 40.8% in the 4th quarter. MCF Advisors LLC now owns 14,084 shares of the company’s stock valued at $124,000 after purchasing an additional 4,084 shares during the period.

About Almonty Industries

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.