Almonty Industries (NASDAQ:ALM) Shares Up 10.3% – Here’s What Happened

Almonty Industries Inc. (NASDAQ:ALM)’s stock price was up 10.3% during trading on Tuesday . The stock traded as high as $19.42 and last traded at $19.3870. 5,619,042 shares traded hands during trading, a decline of 1% from the average daily volume of 5,696,116 shares. The stock had previously closed at $17.57.

Analyst Ratings Changes

ALM has been the subject of several research analyst reports. Weiss Ratings raised Almonty Industries from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Wednesday, August 12th. DA Davidson upped their target price on Almonty Industries from $25.00 to $33.00 and gave the company a “buy” rating in a report on Friday, July 10th. Jefferies Financial Group began coverage on Almonty Industries in a research report on Wednesday, September 2nd. They issued a “buy” rating and a $26.25 price target for the company. Finally, Oppenheimer lifted their price target on Almonty Industries from $22.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $26.81.

Almonty Industries Stock Down 8.0%

The firm has a fifty day simple moving average of $15.36 and a 200 day simple moving average of $17.43. The company has a debt-to-equity ratio of 1.37, a quick ratio of 9.51 and a current ratio of 9.58. The company has a market cap of $4.86 billion, a PE ratio of 105.48 and a beta of 3.75.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ALM. Banque Cantonale Vaudoise purchased a new position in shares of Almonty Industries in the third quarter valued at $54,000. Van ECK Associates Corp acquired a new position in Almonty Industries in the 3rd quarter worth $506,000. Mackenzie Financial Corp purchased a new position in Almonty Industries in the 3rd quarter valued at about $422,000. Sei Investments Co. purchased a new position in Almonty Industries in the 3rd quarter valued at about $2,563,000. Finally, Boston Partners purchased a new position in Almonty Industries in the 3rd quarter valued at about $771,000.

About Almonty Industries

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.