Almonty Industries (NASDAQ:ALM) Trading Down 6.3% – What’s Next?

Almonty Industries Inc. (NASDAQ:ALM) shares traded down 6.3% on Thursday . The company traded as low as $16.96 and last traded at $17.1760. Approximately 985,765 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 5,689,599 shares. The stock had previously closed at $18.33.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Jefferies Financial Group initiated coverage on shares of Almonty Industries in a research note on Wednesday, September 2nd. They set a “buy” rating and a $26.25 target price for the company. Weiss Ratings raised Almonty Industries from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Wednesday, August 12th. DA Davidson upped their price target on Almonty Industries from $25.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Finally, Oppenheimer raised their price objective on Almonty Industries from $22.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $26.81.

Almonty Industries Trading Down 6.5%

The stock’s 50 day moving average is $15.38 and its 200-day moving average is $17.43. The company has a market cap of $4.46 billion, a P/E ratio of 96.82 and a beta of 3.75. The company has a current ratio of 9.58, a quick ratio of 9.51 and a debt-to-equity ratio of 1.37.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Leonteq Securities AG bought a new stake in shares of Almonty Industries during the first quarter valued at approximately $29,000. Pin Oak Investment Advisors Inc. purchased a new position in Almonty Industries in the 2nd quarter worth approximately $53,000. Nykredit A S bought a new position in Almonty Industries in the 2nd quarter valued at approximately $58,000. Global Retirement Partners LLC bought a new position in Almonty Industries in the 4th quarter valued at approximately $35,000. Finally, Rockefeller Capital Management L.P. boosted its stake in Almonty Industries by 30.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 4,333 shares of the company’s stock valued at $38,000 after purchasing an additional 1,000 shares during the last quarter.

Almonty Industries Company Profile

Almonty Industries Inc is a mining and development company focused primarily on tungsten, a specialty metal used in industrial, technology, energy, automotive, aerospace and defense applications. The company’s activities include the exploration, development, operation and redevelopment of tungsten-mining projects, as well as the production of tungsten concentrates.

Almonty’s principal assets include the Sangdong Tungsten Project in South Korea, one of the company’s key development projects, and the Panasqueira tungsten mine in Portugal, a producing operation with a long operating history.