Almonty Industries (NASDAQ:ALM) Shares Down 7.8% – What’s Next?

Almonty Industries Inc. (NASDAQ:ALM)’s share price dropped 7.8% during trading on Thursday . The stock traded as low as $14.96 and last traded at $15.0610. Approximately 908,516 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 5,395,577 shares. The stock had previously closed at $16.34.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. DA Davidson reaffirmed a “buy” rating and set a $25.00 target price on shares of Almonty Industries in a research report on Thursday. Weiss Ratings reissued a “sell (e+)” rating on shares of Almonty Industries in a research report on Monday, December 29th. B. Riley Financial raised their price objective on Almonty Industries from $17.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, March 20th. Finally, Oppenheimer lifted their price objective on shares of Almonty Industries from $16.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, March 20th. Four investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $18.38.

Almonty Industries Stock Performance

The company’s 50-day simple moving average is $15.32 and its 200 day simple moving average is $10.03. The stock has a market cap of $4.18 billion and a P/E ratio of -25.71. The company has a current ratio of 3.89, a quick ratio of 3.76 and a debt-to-equity ratio of 0.38.

Institutional Trading of Almonty Industries

Hedge funds have recently bought and sold shares of the business. FNY Investment Advisers LLC bought a new position in Almonty Industries in the 3rd quarter valued at $30,000. Global Retirement Partners LLC purchased a new stake in shares of Almonty Industries during the 4th quarter valued at $35,000. Rockefeller Capital Management L.P. raised its stake in shares of Almonty Industries by 30.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 4,333 shares of the company’s stock worth $38,000 after purchasing an additional 1,000 shares during the period. State of Wyoming purchased a new position in shares of Almonty Industries in the 4th quarter worth about $41,000. Finally, Banque Cantonale Vaudoise purchased a new position in shares of Almonty Industries in the 3rd quarter worth about $54,000.

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.