Almonty Industries (NASDAQ:ALM) Stock Price Down 5.2% – Here’s What Happened

Almonty Industries Inc. (NASDAQ:ALM)’s share price fell 5.2% on Wednesday . The company traded as low as $16.82 and last traded at $16.7290. 2,128,170 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 5,649,621 shares. The stock had previously closed at $17.64.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ALM shares. DA Davidson lifted 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. Weiss Ratings raised Almonty Industries from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Wednesday, August 12th. Oppenheimer boosted their target price on Almonty Industries from $22.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 3rd. Finally, Jefferies Financial Group initiated coverage on Almonty Industries in a report on Wednesday. They issued a “buy” rating and a $26.25 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $26.81.

Almonty Industries Stock Performance

The company has a current ratio of 9.58, a quick ratio of 9.51 and a debt-to-equity ratio of 1.37. The stock has a market capitalization of $4.91 billion, a P/E ratio of 106.37 and a beta of 3.73. The company’s 50-day moving average is $15.16 and its two-hundred day moving average is $17.26.

Institutional Trading of Almonty Industries

Several institutional investors have recently made changes to their positions in ALM. Leonteq Securities AG acquired a new position in Almonty Industries in the 1st quarter valued at approximately $29,000. Pin Oak Investment Advisors Inc. acquired a new position in shares of Almonty Industries in the second quarter valued at $53,000. Nykredit A S acquired a new position in shares of Almonty Industries in the second quarter valued at $58,000. Global Retirement Partners LLC bought a new position in Almonty Industries in the fourth quarter worth $35,000. Finally, Rockefeller Capital Management L.P. boosted its stake in Almonty Industries by 30.0% during the fourth 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 in the last quarter.

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.