Algoma Steel Group (TSE:ASTL) Stock Price Up 12.4% – Here’s What Happened

Algoma Steel Group Inc. (TSE:ASTL) traded up 12.4% during trading on Wednesday . The stock traded as high as C$6.48 and last traded at C$6.36. Approximately 777,788 shares traded hands during mid-day trading, an increase of 24% from the average session volume of 628,410 shares. The stock had previously closed at C$5.66.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. BMO Capital Markets reduced their target price on shares of Algoma Steel Group from C$7.00 to C$6.00 and set a “market perform” rating for the company in a report on Friday, July 31st. Royal Bank Of Canada lowered their target price on shares of Algoma Steel Group from C$6.00 to C$5.00 and set a “sector perform” rating on the stock in a report on Friday, July 31st. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of C$7.12.

Algoma Steel Group Price Performance

The firm has a market cap of C$720.86 million, a P/E ratio of -0.67 and a beta of 1.74. The company has a debt-to-equity ratio of 368.00, a current ratio of 2.49 and a quick ratio of 1.50. The company’s 50-day moving average is C$5.84 and its two-hundred day moving average is C$6.18.

Algoma Steel Group (TSE:ASTL) last released its earnings results on Wednesday, July 29th. The company reported C($0.88) EPS for the quarter. The firm had revenue of C$267.50 million during the quarter. Algoma Steel Group had a negative net margin of 55.02% and a negative return on equity of 180.34%. Sell-side analysts anticipate that Algoma Steel Group Inc. will post 1.4795699 EPS for the current fiscal year.

About Algoma Steel Group

Based in Sault Ste. Marie, Ontario, Algoma is a leading Canadian producer of high-quality plate and sheet steel products, proudly supporting critical sectors including energy, defence, automotive, shipbuilding, and infrastructure. Guided by a purpose to build better lives and a greener future, Algoma is shaping the next generation of sustainable steelmaking in Canada. With the transition to electric arc furnace (EAF) steelmaking and a modernized plate mill, Algoma is redefining how steel is made in Canada.