Almonty Industries (NASDAQ:ALM) Sets New 1-Year High – What’s Next?

Shares of Almonty Industries Inc. (NASDAQ:ALM) reached a new 52-week high on Thursday . The company traded as high as $10.70 and last traded at $10.58, with a volume of 2506075 shares traded. The stock had previously closed at $10.14.

Wall Street Analysts Forecast Growth

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

Almonty Industries Price Performance

The stock has a market capitalization of $2.91 billion and a P/E ratio of -48.22. The company’s 50-day moving average is $8.07. The company has a debt-to-equity ratio of 16.37, a quick ratio of 0.63 and a current ratio of 0.77.

Institutional Investors Weigh In On Almonty Industries

Several institutional investors have recently modified their holdings of ALM. FNY Investment Advisers LLC purchased a new position in Almonty Industries in the 3rd quarter worth about $30,000. Banque Cantonale Vaudoise purchased a new position in shares of Almonty Industries during the third quarter valued at approximately $54,000. MCF Advisors LLC bought a new position in Almonty Industries during the third quarter valued at approximately $60,000. Oppenheimer & Co. Inc. purchased a new stake in Almonty Industries in the third quarter worth approximately $66,000. Finally, Scientech Research LLC bought a new stake in Almonty Industries in the 3rd quarter worth approximately $75,000.

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.