Almonty Industries (NASDAQ:ALM) Trading 10.3% Higher – What’s Next?

Shares of Almonty Industries Inc. (NASDAQ:ALM) traded up 10.3% during mid-day trading on Tuesday . The stock traded as high as $19.42 and last traded at $19.3870. Approximately 5,619,042 shares traded hands during trading, a decline of 1% from the average daily volume of 5,696,116 shares. The stock had previously closed at $17.57.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on ALM shares. Oppenheimer upped their price objective on Almonty Industries from $22.00 to $25.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. DA Davidson boosted their price target on shares of Almonty Industries from $25.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Jefferies Financial Group started coverage on shares of Almonty Industries in a research report on Wednesday, September 2nd. They issued a “buy” rating and a $26.25 price target on the stock. Finally, Weiss Ratings upgraded shares of Almonty Industries from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $26.81.

Almonty Industries Price Performance

The company has a fifty day simple moving average of $15.26 and a 200-day simple moving average of $17.38. The company has a market cap of $5.58 billion, a P/E ratio of 121.07 and a beta of 3.75. The company has a debt-to-equity ratio of 1.37, a current ratio of 9.58 and a quick ratio of 9.51.

Institutional Investors Weigh In On Almonty Industries

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Encompass Capital Advisors LLC boosted its position in shares of Almonty Industries by 47.9% in the 1st 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. Bank of America Corp DE raised its holdings in Almonty Industries by 309.6% during the 1st quarter. Bank of America Corp DE now owns 908,911 shares of the company’s stock worth $13,161,000 after buying an additional 686,982 shares during the period. Bank of New York Mellon Corp purchased a new stake in Almonty Industries during the second quarter valued at about $7,118,000. Cooper Creek Partners Management LLC lifted its stake in 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 valued at $69,235,000 after buying an additional 2,508,478 shares in the last quarter. Finally, Walleye Capital LLC acquired a new position in shares of Almonty Industries in the first quarter worth about $12,953,000.

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.