Algoma Steel Group (TSE:ASTL) Stock Price Down 7.3% – Here’s What Happened

Algoma Steel Group Inc. (TSE:ASTL) fell 7.3% during mid-day trading on Thursday . The stock traded as low as C$6.31 and last traded at C$6.37. 306,460 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 730,184 shares. The stock had previously closed at C$6.87.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group set a C$6.00 price objective on Algoma Steel Group and gave the company a “hold” rating in a research note on Monday, January 5th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of C$7.88.

Algoma Steel Group Price Performance

The company has a fifty day moving average price of C$6.00 and a two-hundred day moving average price of C$5.96. The firm has a market capitalization of C$690.47 million, a PE ratio of -4.54 and a beta of 1.38. The company has a current ratio of 3.31, a quick ratio of 1.51 and a debt-to-equity ratio of 43.70.

Algoma Steel Group (TSE:ASTL) last released its earnings results on Wednesday, October 29th. The company reported C($4.46) earnings per share (EPS) for the quarter. The company had revenue of C$523.90 million during the quarter. Algoma Steel Group had a negative net margin of 6.33% and a negative return on equity of 10.66%. Sell-side analysts forecast that Algoma Steel Group Inc. will post 1.4795699 earnings per share for the current year.

About Algoma Steel Group

Algoma Steel Group Inc is a Canadian company that produces clean and consistent light gauge steel in North America, offering a range of hot and cold rolled steel sheet and plate products. The firm operates in a single segment of basic steel production. Geographically it serves Canada, the United States and the rest of the world, whilst driving key revenue from domestic sales. Substantial revenue is generated from the sale of Steel sheets and strips.