Almonty Industries (NASDAQ:ALM) Stock Price Up 7.3% – Here’s Why

Almonty Industries Inc. (NASDAQ:ALM)’s share price was up 7.3% on Monday . The company traded as high as $16.67 and last traded at $16.4810. Approximately 1,869,443 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 5,393,059 shares. The stock had previously closed at $15.36.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Oppenheimer lifted their price target on Almonty Industries from $16.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, March 20th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Almonty Industries in a report on Monday, December 29th. DA Davidson restated a “buy” rating and set a $25.00 price target on shares of Almonty Industries in a report on Thursday, March 26th. Finally, B. Riley Financial lifted their price objective on shares of Almonty Industries from $17.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, March 20th. Four research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.38.

Almonty Industries Stock Up 9.3%

The firm has a market cap of $4.71 billion and a PE ratio of -29.00. The company has a 50-day simple moving average of $15.80 and a 200-day simple moving average of $10.47. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.89 and a quick ratio of 3.76.

Hedge Funds Weigh In On Almonty Industries

Hedge funds have recently bought and sold shares of the business. FNY Investment Advisers LLC purchased a new stake in Almonty Industries in the third quarter worth $30,000. Global Retirement Partners LLC purchased a new stake in shares of Almonty Industries during the fourth quarter valued at $35,000. Rockefeller Capital Management L.P. grew its holdings in shares of Almonty Industries by 30.0% in the fourth 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 last quarter. State of Wyoming purchased a new position in Almonty Industries in the 4th quarter worth about $41,000. Finally, Banque Cantonale Vaudoise purchased a new position in 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.