Algoma Steel Group Target of Unusually Large Options Trading (NASDAQ:ASTL)

Algoma Steel Group Inc. (NASDAQ:ASTL) was the target of unusually large options trading on Monday. Stock traders purchased 2,626 call options on the stock. This is an increase of approximately 1,541% compared to the typical volume of 160 call options.

Analyst Ratings Changes

Several research firms recently commented on ASTL. Zacks Research upgraded shares of Algoma Steel Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Algoma Steel Group in a report on Wednesday, June 24th. Royal Bank Of Canada restated a “sector perform” rating on shares of Algoma Steel Group in a research report on Thursday, May 14th. Finally, Wall Street Zen raised shares of Algoma Steel Group from a “strong sell” rating to a “sell” rating in a report on Saturday, August 1st. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce”.

Algoma Steel Group Price Performance

Shares of NASDAQ ASTL traded up $0.47 during trading on Monday, reaching $4.54. The company had a trading volume of 612,306 shares, compared to its average volume of 1,290,258. The company has a current ratio of 2.49, a quick ratio of 1.35 and a debt-to-equity ratio of 2.85. Algoma Steel Group has a twelve month low of $3.02 and a twelve month high of $5.90. The stock has a 50-day moving average price of $4.28 and a two-hundred day moving average price of $4.46. The stock has a market capitalization of $479.17 million, a PE ratio of -0.62 and a beta of 1.64.

Algoma Steel Group (NASDAQ:ASTL) last posted its quarterly earnings data on Wednesday, July 29th. The company reported ($0.64) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.04). The company had revenue of $267.50 million for the quarter, compared to analyst estimates of $205.57 million. Algoma Steel Group had a negative net margin of 71.60% and a negative return on equity of 110.49%. As a group, sell-side analysts predict that Algoma Steel Group will post -2.37 earnings per share for the current year.

Institutional Investors Weigh In On Algoma Steel Group

Hedge funds have recently modified their holdings of the company. Goldman Sachs Group Inc. boosted its position in Algoma Steel Group by 10.7% during the first quarter. Goldman Sachs Group Inc. now owns 245,528 shares of the company’s stock worth $1,331,000 after acquiring an additional 23,659 shares during the last quarter. Legal & General Group Plc raised its holdings in Algoma Steel Group by 11.3% in the 2nd quarter. Legal & General Group Plc now owns 88,583 shares of the company’s stock valued at $611,000 after acquiring an additional 8,963 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Algoma Steel Group in the 2nd quarter valued at $32,000. PDT Partners LLC purchased a new position in shares of Algoma Steel Group during the 2nd quarter worth $304,000. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in shares of Algoma Steel Group during the second quarter worth $1,089,000. 72.00% of the stock is owned by institutional investors and hedge funds.

Algoma Steel Group Company Profile

Algoma Steel Group Inc is a North American steel producer headquartered in Sault Ste. Marie, Ontario. The company operates a modern electric arc furnace (EAF) complex and an integrated rolling mill, enabling it to transform scrap and direct reduced iron into a wide range of steel products. Algoma Steel Group returned to public markets in 2021 with listings on both the Toronto Stock Exchange and the Nasdaq under the symbol ASTL.

Founded in 1901 as Algoma Steel Corporation, the company grew to become one of Canada’s leading steelmakers before undergoing restructuring in the early 2000s.