Algoma Steel Group (TSE:ASTL) Trading 12.4% Higher – What’s Next?

Algoma Steel Group Inc. (TSE:ASTL)’s stock price rose 12.4% during mid-day trading on Wednesday . The company traded as high as C$6.48 and last traded at C$6.36. 777,788 shares traded hands during mid-day trading, an increase of 24% from the average daily volume of 628,410 shares. The stock had previously closed at C$5.66.

Wall Street Analysts Forecast Growth

ASTL has been the topic of several recent research reports. Royal Bank Of Canada reduced their price objective on Algoma Steel Group from C$6.00 to C$5.00 and set a “sector perform” rating on the stock in a research report on Friday, July 31st. BMO Capital Markets lowered their price objective on Algoma Steel Group from C$7.00 to C$6.00 and set a “market perform” rating on the stock in a research report on Friday, July 31st. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Algoma Steel Group has a consensus rating of “Hold” and an average price target of C$7.12.

Algoma Steel Group Stock Performance

The company has a debt-to-equity ratio of 368.00, a quick ratio of 1.50 and a current ratio of 2.49. The stock has a market cap of C$661.84 million, a PE ratio of -0.62 and a beta of 1.74. The firm has a fifty day moving average price of C$5.84 and a 200 day moving average price of C$6.19.

Algoma Steel Group (TSE:ASTL) last posted its quarterly earnings data on Wednesday, July 29th. The company reported C($0.88) EPS for the quarter. Algoma Steel Group had a negative return on equity of 180.34% and a negative net margin of 55.02%.The company had revenue of C$267.50 million for the quarter. Research analysts forecast that Algoma Steel Group Inc. will post 1.4795699 earnings per share for the current fiscal year.

About Algoma Steel Group

Based in Sault Ste. Marie, Ontario, Algoma is a leading Canadian producer of high-quality plate and sheet steel products, proudly supporting critical sectors including energy, defence, automotive, shipbuilding, and infrastructure. Guided by a purpose to build better lives and a greener future, Algoma is shaping the next generation of sustainable steelmaking in Canada. With the transition to electric arc furnace (EAF) steelmaking and a modernized plate mill, Algoma is redefining how steel is made in Canada.