Almonty Industries (NASDAQ:ALM) Trading Down 6.3% – Here’s What Happened

Almonty Industries Inc. (NASDAQ:ALM)’s share price was down 6.3% during trading on Thursday . The stock traded as low as $16.96 and last traded at $17.1760. 985,765 shares were traded during trading, a decline of 83% from the average session volume of 5,689,599 shares. The stock had previously closed at $18.33.

Analyst Ratings Changes

ALM has been the subject of a number of analyst reports. Oppenheimer boosted their price target on Almonty Industries from $22.00 to $25.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. Jefferies Financial Group assumed coverage on shares of Almonty Industries in a research note on Wednesday, September 2nd. They set a “buy” rating and a $26.25 price objective on the stock. DA Davidson lifted 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, Weiss Ratings upgraded shares of Almonty Industries from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $26.81.

Almonty Industries Stock Down 8.5%

The company has a market cap of $4.83 billion, a price-to-earnings ratio of 104.66 and a beta of 3.75. The business has a fifty day moving average of $15.36 and a two-hundred day moving average of $17.43. The company has a current ratio of 9.58, a quick ratio of 9.51 and a debt-to-equity ratio of 1.37.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Van ECK Associates Corp grew its stake in Almonty Industries by 13,294.7% in the 4th quarter. Van ECK Associates Corp now owns 11,239,482 shares of the company’s stock valued at $99,013,000 after acquiring an additional 11,155,572 shares during the period. Cooper Creek Partners Management LLC grew its position in shares of Almonty Industries by 110.4% in the first quarter. Cooper Creek Partners Management LLC now owns 4,781,415 shares of the company’s stock valued at $69,235,000 after purchasing an additional 2,508,478 shares during the period. Encompass Capital Advisors LLC grew its position in shares of Almonty Industries by 47.9% in the first quarter. Encompass Capital Advisors LLC now owns 4,300,839 shares of the company’s stock valued at $62,276,000 after purchasing an additional 1,392,806 shares during the period. Next Century Growth Investors LLC purchased a new stake in shares of Almonty Industries during the fourth quarter worth about $16,345,000. Finally, Alyeska Investment Group L.P. purchased a new stake in shares of 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.