Almonty Industries (NASDAQ:ALM) Shares Down 8.9% – Time to Sell?

Almonty Industries Inc. (NASDAQ:ALM) dropped 8.9% during mid-day trading on Monday. The company traded as low as $9.40 and last traded at $8.9590. Approximately 678,327 shares were traded during trading, a decline of 88% from the average session volume of 5,793,833 shares. The stock had previously closed at $9.83.

Analyst Upgrades and Downgrades

ALM has been the topic of a number of recent analyst reports. DA Davidson reiterated a “buy” rating and issued a $33.00 price objective on shares of Almonty Industries in a report on Tuesday, September 15th. Stifel Nicolaus initiated coverage on Almonty Industries in a research report on Friday, September 25th. They issued a “buy” rating and a $25.00 price objective for the company. Weiss Ratings raised Almonty Industries from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, September 25th. 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 target price on the stock. Finally, The Goldman Sachs Group assumed coverage on Almonty Industries in a research note on Thursday, September 24th. They issued a “hold” rating and a $13.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.21.

Almonty Industries Trading Down 5.9%

The company has a debt-to-equity ratio of 1.37, a current ratio of 9.58 and a quick ratio of 9.51. The company has a market cap of $2.67 billion, a PE ratio of 57.96 and a beta of 4.15. The company’s 50 day simple moving average is $14.84 and its two-hundred day simple moving average is $16.52.

Institutional Investors Weigh In On Almonty Industries

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Cooper Creek Partners Management LLC boosted its position in shares of 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 purchasing an additional 2,508,478 shares during the period. Encompass Capital Advisors LLC raised its position in Almonty Industries by 47.9% in the first quarter. Encompass Capital Advisors LLC now owns 4,300,839 shares of the company’s stock valued at $62,276,000 after purchasing an additional 1,392,806 shares during the period. Walleye Capital LLC purchased a new stake in Almonty Industries in the first quarter valued at approximately $12,953,000. Bank of America Corp DE raised its position in Almonty Industries by 309.6% in the first quarter. Bank of America Corp DE now owns 908,911 shares of the company’s stock valued at $13,161,000 after purchasing an additional 686,982 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in Almonty Industries during the second quarter worth $7,118,000.

About Almonty Industries

Almonty Industries Inc is a mining and development company focused primarily on tungsten, a critical mineral used in industrial, manufacturing, defense and technology applications. The company’s activities include the exploration, development and operation of tungsten properties, as well as the processing and sale of tungsten concentrates.

Almonty’s portfolio includes the Panasqueira tungsten mine in Portugal, one of its producing assets, and the Sangdong tungsten project in South Korea, which the company is developing as a major source of tungsten supply.