Almonty Industries (NASDAQ:ALM) Stock Price Down 7.5% – What’s Next?

Almonty Industries Inc. (NASDAQ:ALM)’s share price dropped 7.5% during trading on Wednesday . The stock traded as low as $20.59 and last traded at $20.4590. Approximately 2,321,998 shares were traded during trading, a decline of 56% from the average daily volume of 5,300,798 shares. The stock had previously closed at $22.12.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. B. Riley Financial boosted their target price on Almonty Industries from $17.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, March 20th. DA Davidson reaffirmed a “buy” rating and set a $25.00 price target on shares of Almonty Industries in a research report on Thursday, March 26th. Texas Capital upgraded Almonty Industries to a “strong-buy” rating in a report on Thursday, April 16th. Finally, Oppenheimer boosted their price objective on Almonty Industries from $16.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, March 20th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $18.38.

Almonty Industries Price Performance

The stock has a market cap of $5.54 billion and a price-to-earnings ratio of -39.06. The company has a 50 day simple moving average of $19.15 and a 200-day simple moving average of $12.86. The company has a current ratio of 3.89, a quick ratio of 3.76 and a debt-to-equity ratio of 0.38.

Almonty Industries (NASDAQ:ALM) last posted its quarterly earnings data on Monday, May 11th. The company reported $0.01 earnings per share (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 return on equity of 13.79% and a negative net margin of 262.29%. Research analysts expect that Almonty Industries Inc. will post 0.45 EPS for the current year.

Institutional Trading of Almonty Industries

A number of hedge funds and other institutional investors have recently modified their holdings of ALM. Leonteq Securities AG acquired a new stake in shares of Almonty Industries in the 1st quarter valued at approximately $29,000. FNY Investment Advisers LLC acquired a new stake in shares of Almonty Industries during the 3rd quarter worth about $30,000. Global Retirement Partners LLC bought a new stake in shares of Almonty Industries during the 4th quarter worth about $35,000. Rockefeller Capital Management L.P. boosted its holdings in shares of Almonty Industries by 30.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 4,333 shares of the company’s stock worth $38,000 after buying an additional 1,000 shares during the period. Finally, State of Wyoming acquired a new position in Almonty Industries in the 4th quarter valued at about $41,000.

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.