Almonty Industries (NASDAQ:ALM) Stock Price Down 4.8% – Here’s Why

Almonty Industries Inc. (NASDAQ:ALM) shares were down 4.8% during mid-day trading on Tuesday . The stock traded as low as $13.26 and last traded at $13.0420. Approximately 1,406,964 shares traded hands during trading, a decline of 75% from the average session volume of 5,560,668 shares. The stock had previously closed at $13.70.

Wall Street Analysts Forecast Growth

ALM has been the topic of a number of analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Almonty Industries in a report on Thursday, June 18th. DA Davidson boosted their target price on Almonty Industries from $25.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Texas Capital raised Almonty Industries to a “strong-buy” rating in a research report on Thursday, April 16th. Finally, Oppenheimer increased their price target on Almonty Industries from $22.00 to $25.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $27.00.

Almonty Industries Trading Up 8.1%

The company has a current ratio of 2.45, a quick ratio of 2.37 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $4.14 billion and a P/E ratio of 89.82. The business’s fifty day simple moving average is $15.31 and its two-hundred day simple moving average is $16.80.

Almonty Industries (NASDAQ:ALM) last posted its quarterly earnings data on Monday, May 11th. The company reported $0.01 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.01. The company had revenue of $18.52 million for the quarter, compared to the consensus estimate of $15.44 million. Almonty Industries had a net margin of 125.89% and a return on equity of 11.18%. As a group, analysts forecast that Almonty Industries Inc. will post 0.46 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Encompass Capital Advisors LLC raised its position in Almonty Industries by 47.9% during the first quarter. Encompass Capital Advisors LLC now owns 4,300,839 shares of the company’s stock worth $62,276,000 after acquiring an additional 1,392,806 shares in the last quarter. Cooper Creek Partners Management LLC raised its stake in Almonty Industries by 110.4% in the 1st quarter. Cooper Creek Partners Management LLC now owns 4,781,415 shares of the company’s stock worth $69,235,000 after purchasing an additional 2,508,478 shares in the last quarter. Walleye Capital LLC acquired a new stake in shares of Almonty Industries in the first quarter valued at approximately $12,953,000. Marathon Capital Management raised its holdings in Almonty Industries by 137.2% in the 4th quarter. Marathon Capital Management now owns 593,515 shares of the company’s stock valued at $5,229,000 after acquiring an additional 343,280 shares in the last quarter. Finally, Intact Investment Management Inc. bought a new stake in Almonty Industries during the fourth quarter worth about $732,000.

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.