Almonty Industries (NASDAQ:ALM) Price Target Raised to $18.00 at DA Davidson

Almonty Industries (NASDAQ:ALM) had its target price lifted by DA Davidson from $12.00 to $18.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. DA Davidson’s price target would indicate a potential upside of 34.73% from the company’s previous close.

Several other analysts have also recently commented on ALM. Wall Street Zen upgraded shares of Almonty Industries from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Oppenheimer increased their target price on shares of Almonty Industries from $7.00 to $12.00 and gave the company an “outperform” rating in a research note on Wednesday, October 15th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Almonty Industries in a research report on Monday, December 29th. 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, Almonty Industries presently has an average rating of “Moderate Buy” and an average price target of $12.17.

Almonty Industries Price Performance

Shares of NASDAQ:ALM traded down $0.03 during midday trading on Wednesday, hitting $13.36. The company had a trading volume of 5,970,483 shares, compared to its average volume of 5,128,971. The business has a fifty day simple moving average of $8.87. The company has a debt-to-equity ratio of 16.37, a quick ratio of 0.63 and a current ratio of 0.77. Almonty Industries has a 12-month low of $3.16 and a 12-month high of $13.82. The firm has a market cap of $3.51 billion and a P/E ratio of -58.08.

Institutional Investors Weigh In On Almonty Industries

Hedge funds have recently modified their holdings of the company. Huntleigh Advisors Inc. acquired a new position in Almonty Industries during the third quarter worth approximately $661,000. BLB&B Advisors LLC purchased a new stake in Almonty Industries in the 3rd quarter valued at approximately $298,000. Fifth Lane Capital LP purchased a new stake in shares of Almonty Industries in the third quarter valued at approximately $75,000. TD Asset Management Inc acquired a new position in shares of Almonty Industries during the 3rd quarter worth $913,000. Finally, Telemark Asset Management LLC purchased a new position in Almonty Industries in the third quarter valued at about $7,839,000.

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.