Almonty Industries (NASDAQ:ALM) Trading Down 7.3% – Time to Sell?

Shares of Almonty Industries Inc. (NASDAQ:ALM) dropped 7.3% on Monday . The stock traded as low as $6.31 and last traded at $6.36. Approximately 490,136 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 1,768,332 shares. The stock had previously closed at $6.86.

Analysts Set New Price Targets

Several equities research analysts have recently commented on ALM shares. Cantor Fitzgerald began coverage on Almonty Industries in a research note on Wednesday, August 13th. They issued an “overweight” rating and a $6.50 target price for the company. Oppenheimer boosted their target price on Almonty Industries from $7.00 to $12.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 15th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Almonty Industries in a research note on Tuesday, November 25th. Wall Street Zen upgraded Almonty Industries from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Finally, DA Davidson lifted their price target on Almonty Industries from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, November 13th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Almonty Industries presently has a consensus rating of “Moderate Buy” and an average target price of $10.17.

Almonty Industries Stock Down 7.3%

The company has a current ratio of 0.77, a quick ratio of 0.63 and a debt-to-equity ratio of 16.37. The company has a market capitalization of $1.48 billion and a PE ratio of -18.71. The firm has a 50 day simple moving average of $6.89.

Hedge Funds Weigh In On Almonty Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Banque Cantonale Vaudoise bought a new stake in Almonty Industries in the third quarter worth approximately $54,000. MCF Advisors LLC bought a new position in shares of Almonty Industries during the third quarter valued at about $60,000. Oppenheimer & Co. Inc. bought a new stake in Almonty Industries during the third quarter worth $66,000. Fifth Lane Capital LP purchased a new position in Almonty Industries in the third quarter worth $75,000. Finally, Scientech Research LLC bought a new stake in shares of Almonty Industries during the 3rd quarter worth $75,000.

About Almonty Industries

Almonty Industries Inc is a producer of tungsten concentrate. The Company is currently mining, processing and shipping tungsten concentrate from its Panasqueira Mine in Portugal. Almonty Industries Inc is based in TORONTO.