Almonty Industries (NASDAQ:ALM) Stock Price Down 8.1% – Here’s What Happened

Almonty Industries Inc. (NASDAQ:ALM) shares fell 8.1% during mid-day trading on Tuesday. The stock traded as low as $8.01 and last traded at $8.06. 847,343 shares were traded during mid-day trading, a decline of 86% from the average session volume of 5,870,499 shares. The stock had previously closed at $8.77.

Analysts Set New Price Targets

Several research firms have recently weighed in on ALM. Jefferies Financial Group started coverage on Almonty Industries in a research report on Wednesday, September 2nd. They set a “buy” rating and a $26.25 price objective for the company. B. Riley Financial decreased their price objective on Almonty Industries from $25.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, October 27th. Weiss Ratings raised Almonty Industries from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, September 25th. DA Davidson restated a “buy” rating and issued a $33.00 target price on shares of Almonty Industries in a research note on Tuesday, September 15th. Finally, The Goldman Sachs Group started coverage on Almonty Industries in a research note on Thursday, September 24th. They issued a “hold” rating and a $13.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $23.04.

Almonty Industries Trading Up 0.2%

The business has a 50-day simple moving average of $12.00 and a two-hundred day simple moving average of $15.67. The stock has a market cap of $2.35 billion, a price-to-earnings ratio of 162.80 and a beta of 4.65. The company has a debt-to-equity ratio of 1.37, a current ratio of 9.58 and a quick ratio of 9.51.

Institutional Trading of Almonty Industries

Hedge funds have recently made changes to their positions in the business. Cooper Creek Partners Management LLC increased its holdings in shares of Almonty Industries by 110.4% during the 1st quarter. Cooper Creek Partners Management LLC now owns 4,781,415 shares of the company’s stock worth $69,235,000 after acquiring an additional 2,508,478 shares during the last quarter. Voya Investment Management LLC lifted its holdings in Almonty Industries by 9,667.6% during the 3rd quarter. Voya Investment Management LLC now owns 2,043,568 shares of the company’s stock valued at $26,893,000 after purchasing an additional 2,022,646 shares during the last quarter. Encompass Capital Advisors LLC lifted its holdings in Almonty Industries by 47.9% during the 1st quarter. Encompass Capital Advisors LLC now owns 4,300,839 shares of the company’s stock valued at $62,276,000 after purchasing an additional 1,392,806 shares during the last quarter. Walleye Capital LLC acquired a new stake in Almonty Industries during the 1st quarter valued at $12,953,000. Finally, Bank of America Corp DE boosted its position in Almonty Industries by 309.6% during the first quarter. Bank of America Corp DE now owns 908,911 shares of the company’s stock worth $13,161,000 after purchasing an additional 686,982 shares during the period.

About Almonty Industries

Almonty Industries Inc. is a mining company focused on tungsten, a metal used in applications such as cutting tools, industrial machinery, electronics and defense. The company produces tungsten concentrate and develops and operates tungsten mining assets. Its portfolio includes the Panasqueira mine in Portugal and the Los Santos mine in Spain, as well as the Sangdong tungsten project in South Korea. Almonty’s activities span Europe and Asia, with Sangdong representing a major project in the company’s effort to expand tungsten supply outside China.