Almonty Industries (NASDAQ:ALM) Sees Unusually-High Trading Volume – What’s Next?

Almonty Industries Inc. (NASDAQ:ALM) shares saw strong trading volume on Monday . 4,018,685 shares were traded during 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.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ALM. Oppenheimer increased their price objective on Almonty Industries from $7.00 to $12.00 and gave the stock an “outperform” rating in a report on Wednesday, October 15th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Almonty Industries in a research report on Monday, December 29th. DA Davidson reaffirmed a “buy” rating and set a $12.00 price target on shares of Almonty Industries in a research note on Friday, December 19th. Finally, Wall Street Zen raised Almonty Industries from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $10.17.

Almonty Industries Price Performance

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

Institutional Investors Weigh In On Almonty Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Telemark Asset Management LLC acquired a new position in Almonty Industries during the third quarter valued at approximately $7,839,000. Alyeska Investment Group L.P. bought a new stake in shares of Almonty Industries during the 3rd quarter worth $7,839,000. ArrowMark Colorado Holdings LLC acquired a new position in Almonty Industries in the 3rd quarter valued at $7,807,000. Millennium Management LLC bought a new position in Almonty Industries in the 3rd quarter worth $5,948,000. Finally, Sei Investments Co. acquired a new position in Almonty Industries during the 3rd quarter worth $2,563,000.

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.