Almonty Industries (NASDAQ:ALM) Trading Down 10.9% – What’s Next?

Almonty Industries Inc. (NASDAQ:ALM) shares traded down 10.9% on Tuesday . The stock traded as low as $11.92 and last traded at $11.89. Approximately 730,585 shares were traded during trading, a decline of 86% from the average daily volume of 5,367,046 shares. The stock had previously closed at $13.35.

Wall Street Analysts Forecast Growth

ALM has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Almonty Industries in a research note on Thursday, June 18th. DA Davidson boosted their target price on Almonty Industries from $25.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Oppenheimer lifted their price target on shares of Almonty Industries from $22.00 to $25.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. Finally, Texas Capital raised shares of Almonty Industries to a “strong-buy” rating in a research note on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Almonty Industries currently has an average rating of “Moderate Buy” and a consensus price target of $21.88.

Almonty Industries Trading Down 10.5%

The firm has a market capitalization of $3.15 billion and a PE ratio of -21.90. The company has a current ratio of 2.45, a quick ratio of 2.37 and a debt-to-equity ratio of 0.30. The firm has a 50 day simple moving average of $16.62 and a 200 day simple moving average of $16.53.

Almonty Industries (NASDAQ:ALM) last posted its earnings results on Monday, May 11th. The company reported $0.01 EPS for the quarter, hitting analysts’ consensus estimates of $0.01. The business had revenue of $18.52 million during the quarter, compared to the consensus estimate of $15.44 million. Almonty Industries had a negative net margin of 262.29% and a negative return on equity of 11.01%. Equities analysts expect that Almonty Industries Inc. will post 0.46 earnings per share for the current fiscal year.

Institutional Trading of Almonty Industries

Hedge funds have recently made changes to their positions in the business. Van ECK Associates Corp lifted its stake in Almonty Industries by 13,294.7% in the fourth quarter. Van ECK Associates Corp now owns 11,239,482 shares of the company’s stock worth $99,013,000 after purchasing an additional 11,155,572 shares during the last quarter. Encompass Capital Advisors LLC purchased a new stake in Almonty Industries in the fourth quarter worth about $25,620,000. Cooper Creek Partners Management LLC grew its holdings in Almonty Industries by 110.4% during the 1st quarter. Cooper Creek Partners Management LLC now owns 4,781,415 shares of the company’s stock worth $69,235,000 after acquiring an additional 2,508,478 shares in the last quarter. Next Century Growth Investors LLC purchased a new position in Almonty Industries during the 4th quarter valued at about $16,345,000. Finally, Alyeska Investment Group L.P. purchased a new position in Almonty Industries during the 3rd quarter valued at about $7,839,000.

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.