Almonty Industries (NASDAQ:ALM) Sees Strong Trading Volume – Here’s Why

Shares of Almonty Industries Inc. (NASDAQ:ALM) saw strong trading volume on Monday . 4,018,685 shares changed hands during mid-day trading, an increase of 63% from the previous session’s volume of 2,467,042 shares.The stock last traded at $9.10 and had previously closed at $8.80.

Analyst Upgrades and Downgrades

ALM has been the subject of several research reports. Weiss Ratings restated a “sell (e+)” rating on shares of Almonty Industries in a research report on Monday, December 29th. Wall Street Zen upgraded shares of Almonty Industries from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. DA Davidson restated a “buy” rating and issued a $12.00 price target on shares of Almonty Industries in a research report on Friday, December 19th. Finally, Oppenheimer increased their price objective on Almonty Industries from $7.00 to $12.00 and gave the company an “outperform” rating in a research report on Wednesday, October 15th. Three equities research 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 presently has an average rating of “Moderate Buy” and an average target price of $10.17.

Almonty Industries Trading Up 7.7%

The company’s 50-day moving average is $7.28. The company has a debt-to-equity ratio of 16.37, a quick ratio of 0.63 and a current ratio of 0.77. The stock has a market cap of $2.40 billion and a price-to-earnings ratio of -41.22.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Huntleigh Advisors Inc. purchased a new stake in Almonty Industries in the 3rd quarter worth about $661,000. BLB&B Advisors LLC purchased a new stake in shares of Almonty Industries in the third quarter worth approximately $298,000. General American Investors Co. Inc. acquired a new stake in shares of Almonty Industries during the third quarter worth approximately $246,000. Old West Investment Management LLC acquired a new stake in shares of Almonty Industries during the third quarter worth approximately $2,148,000. Finally, MCF Advisors LLC purchased a new position in Almonty Industries during the third quarter valued at approximately $60,000.

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.