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

Almonty Industries Inc. (NASDAQ:ALM)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $17.18, but opened at $17.76. Almonty Industries shares last traded at $17.3810, with a volume of 1,092,852 shares.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ALM. B. Riley Financial increased their target price on shares of Almonty Industries from $10.00 to $17.00 and gave the stock a “buy” rating in a research report on Friday, February 13th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Almonty Industries in a research report on Monday, December 29th. Finally, DA Davidson set a $25.00 price objective on shares of Almonty Industries in a research report on Friday, March 6th. Four analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.13.

Almonty Industries Stock Performance

The stock has a 50 day simple moving average of $14.52 and a 200 day simple moving average of $9.56. The company has a quick ratio of 2.25, a current ratio of 2.38 and a debt-to-equity ratio of 1.02. The company has a market cap of $4.75 billion and a price-to-earnings ratio of -74.35.

Hedge Funds Weigh In On Almonty Industries

Several hedge funds and other institutional investors have recently bought and sold shares of ALM. Rockefeller Capital Management L.P. boosted its holdings in Almonty Industries by 30.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 4,333 shares of the company’s stock worth $38,000 after acquiring an additional 1,000 shares during the period. Mackenzie Financial Corp lifted its position in shares of Almonty Industries by 59.1% during the fourth quarter. Mackenzie Financial Corp now owns 111,224 shares of the company’s stock worth $982,000 after purchasing an additional 41,331 shares in the last quarter. Quadrature Capital Ltd lifted its position in shares of Almonty Industries by 35.0% during the fourth quarter. Quadrature Capital Ltd now owns 108,069 shares of the company’s stock worth $952,000 after purchasing an additional 27,993 shares in the last quarter. Man Group plc purchased a new position in shares of Almonty Industries in the fourth quarter valued at $1,510,000. Finally, Manatuck Hill Partners LLC purchased a new position in shares of Almonty Industries in the fourth quarter valued at $1,762,000.

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.