Algoma Steel Group (NASDAQ:ASTL) Trading Up 8.2% – Should You Buy?

Algoma Steel Group Inc. (NASDAQ:ASTL) shot up 8.2% during trading on Tuesday . The company traded as high as $5.37 and last traded at $5.3250. 2,059,288 shares were traded during trading, an increase of 51% from the average session volume of 1,359,794 shares. The stock had previously closed at $4.92.

Analyst Upgrades and Downgrades

ASTL has been the topic of several analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Monday, December 29th. Zacks Research upgraded Algoma Steel Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 12th. Finally, Jefferies Financial Group assumed coverage on Algoma Steel Group in a report on Friday, January 2nd. They issued a “hold” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold”.

Algoma Steel Group Price Performance

The stock’s fifty day moving average price is $4.31 and its 200-day moving average price is $4.32. The firm has a market cap of $525.53 million, a PE ratio of -1.06 and a beta of 1.56. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.29 and a quick ratio of 0.76.

Institutional Investors Weigh In On Algoma Steel Group

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Raymond James Financial Inc. acquired a new position in Algoma Steel Group during the second quarter worth $32,000. Olympiad Research LP acquired a new position in shares of Algoma Steel Group during the 3rd quarter valued at about $74,000. Lighthouse Investment Partners LLC purchased a new stake in shares of Algoma Steel Group in the third quarter valued at about $79,000. Assenagon Asset Management S.A. acquired a new stake in Algoma Steel Group during the third quarter worth about $81,000. Finally, Prelude Capital Management LLC purchased a new position in Algoma Steel Group during the third quarter worth about $95,000. Institutional investors and hedge funds own 72.00% of the company’s stock.

Algoma Steel Group Company Profile

Algoma Steel Group Inc is a North American steel producer headquartered in Sault Ste. Marie, Ontario. The company operates a modern electric arc furnace (EAF) complex and an integrated rolling mill, enabling it to transform scrap and direct reduced iron into a wide range of steel products. Algoma Steel Group returned to public markets in 2021 with listings on both the Toronto Stock Exchange and the Nasdaq under the symbol ASTL.

Founded in 1901 as Algoma Steel Corporation, the company grew to become one of Canada’s leading steelmakers before undergoing restructuring in the early 2000s.