Almonty Industries (NASDAQ:ALM) Trading 6% Higher – Time to Buy?

Almonty Industries Inc. (NASDAQ:ALM) traded up 6% during trading on Thursday . The stock traded as high as $17.28 and last traded at $17.15. Approximately 5,990,711 shares changed hands during mid-day trading, an increase of 6% from the average session volume of 5,666,467 shares. The stock had previously closed at $16.18.

Analyst Ratings Changes

Several equities analysts have commented on ALM shares. Weiss Ratings upgraded Almonty Industries from a “sell (d-)” rating to a “hold (c-)” rating in a report on Wednesday, August 12th. DA Davidson boosted their price target on Almonty Industries from $25.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Finally, Oppenheimer increased their price objective 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 investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $27.00.

Almonty Industries Stock Performance

The stock has a 50 day moving average price of $15.19 and a two-hundred day moving average price of $17.00. The company has a current ratio of 9.58, a quick ratio of 9.51 and a debt-to-equity ratio of 1.37. The company has a market cap of $5.33 billion and a price-to-earnings ratio of 115.69.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Van ECK Associates Corp increased its holdings in Almonty Industries by 13,294.7% during the fourth 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 4th quarter valued at about $25,620,000. Cooper Creek Partners Management LLC increased its stake in shares of Almonty Industries by 110.4% during the first quarter. Cooper Creek Partners Management LLC now owns 4,781,415 shares of the company’s stock worth $69,235,000 after purchasing an additional 2,508,478 shares during the period. Next Century Growth Investors LLC bought a new position in Almonty Industries during the 4th quarter worth $16,345,000. Finally, Alyeska Investment Group L.P. bought a new position in Almonty Industries during the third 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.