Almonty Industries (NASDAQ:ALM) Stock Price Up 6% – What’s Next?

Shares of Almonty Industries Inc. (NASDAQ:ALM) shot up 6% during mid-day trading on Thursday . The stock traded as high as $17.28 and last traded at $17.15. Approximately 5,990,711 shares traded hands during trading, an increase of 6% from the average daily volume of 5,666,467 shares. The stock had previously closed at $16.18.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Oppenheimer lifted their price objective on shares of Almonty Industries from $22.00 to $25.00 and gave the stock an “outperform” rating in a report on Wednesday, June 3rd. Weiss Ratings raised shares of Almonty Industries from a “sell (d-)” rating to a “hold (c-)” rating in a report on Wednesday, August 12th. Finally, DA Davidson raised their price target on shares of Almonty Industries from $25.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $27.00.

Almonty Industries Stock Up 6.6%

The firm’s 50 day simple moving average is $15.16 and its 200 day simple moving average is $16.94. The company has a market cap of $4.97 billion and a price-to-earnings ratio of 107.82. The company has a quick ratio of 9.51, a current ratio of 9.58 and a debt-to-equity ratio of 1.37.

Institutional Trading of Almonty Industries

Several large investors have recently added to or reduced their stakes in the business. Leonteq Securities AG bought a new stake in Almonty Industries during the 1st quarter valued at $29,000. Pin Oak Investment Advisors Inc. bought a new position in shares of Almonty Industries in the second quarter worth $53,000. Global Retirement Partners LLC bought a new position in shares of Almonty Industries in the fourth quarter worth $35,000. Rockefeller Capital Management L.P. grew its stake in shares of Almonty Industries by 30.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 4,333 shares of the company’s stock worth $38,000 after purchasing an additional 1,000 shares in the last quarter. Finally, State of Wyoming acquired a new position in shares of Almonty Industries during the fourth quarter valued at $41,000.

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.