Almonty Industries (NASDAQ:ALM) Stock Price Up 13.3% – Here’s What Happened

Shares of Almonty Industries Inc. (NASDAQ:ALM) were up 13.3% on Monday . The stock traded as high as $12.23 and last traded at $12.5340. Approximately 1,825,528 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 5,491,618 shares. The stock had previously closed at $11.06.

Analysts Set New Price Targets

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

Almonty Industries Trading Up 5.7%

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 stock has a market capitalization of $3.82 billion and a P/E ratio of -26.54. The company has a 50-day moving average price of $16.07 and a 200 day moving average price of $16.62.

Almonty Industries (NASDAQ:ALM) last issued its quarterly earnings data on Monday, May 11th. The company reported $0.01 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.01. Almonty Industries had a negative return on equity of 11.01% and a negative net margin of 262.29%.The company had revenue of $18.52 million for the quarter, compared to the consensus estimate of $15.44 million. On average, research analysts forecast that Almonty Industries Inc. will post 0.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ALM. Leonteq Securities AG bought a new position in shares of Almonty Industries during the 1st quarter worth approximately $29,000. Global Retirement Partners LLC acquired a new stake in Almonty Industries in the fourth quarter valued at approximately $35,000. Rockefeller Capital Management L.P. boosted its stake in Almonty Industries by 30.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 4,333 shares of the company’s stock valued at $38,000 after acquiring an additional 1,000 shares in the last quarter. State of Wyoming purchased a new position in Almonty Industries in the fourth quarter worth $41,000. Finally, Banque Cantonale Vaudoise purchased a new position in Almonty Industries in the third quarter worth $54,000.

About Almonty Industries

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.