Almonty Industries Inc. (NASDAQ:ALM) Sees Significant Decline in Short Interest

Almonty Industries Inc. (NASDAQ:ALM) was the recipient of a significant decline in short interest in the month of April. As of April 30th, there was short interest totaling 3,263,597 shares, a decline of 41.1% from the April 15th total of 5,538,703 shares. Based on an average trading volume of 4,997,628 shares, the days-to-cover ratio is presently 0.7 days. Currently, 1.2% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ALM. DA Davidson reiterated a “buy” rating and set a $25.00 target price on shares of Almonty Industries in a report on Thursday, March 26th. B. Riley Financial boosted their price target on Almonty Industries from $17.00 to $23.00 and gave the company a “buy” rating in a report on Friday, March 20th. Oppenheimer lifted their price target on shares of Almonty Industries from $16.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, March 20th. Finally, Texas Capital upgraded shares of Almonty Industries to a “strong-buy” rating in a report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, Almonty Industries currently has an average rating of “Moderate Buy” and an average price target of $18.38.

Almonty Industries Trading Down 4.9%

NASDAQ ALM opened at $17.45 on Friday. The firm has a market capitalization of $4.95 billion and a PE ratio of -34.90. The stock’s 50 day moving average is $19.06 and its 200 day moving average is $13.05. Almonty Industries has a twelve month low of $3.16 and a twelve month high of $24.41. The company has a quick ratio of 3.76, a current ratio of 2.45 and a debt-to-equity ratio of 0.30.

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 analysts’ consensus estimates of $0.01. Almonty Industries had a negative return on equity of 11.01% and a negative net margin of 262.29%.The business had revenue of $18.52 million during the quarter, compared to the consensus estimate of $15.44 million. Research analysts forecast that Almonty Industries will post 0.62 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Almonty Industries

Hedge funds have recently bought and sold shares of the business. Leonteq Securities AG purchased a new stake in Almonty Industries in the first quarter worth about $29,000. Global Retirement Partners LLC bought a new stake in shares of Almonty Industries in the 4th quarter worth approximately $35,000. Rockefeller Capital Management L.P. boosted its position in shares of Almonty Industries by 30.0% in the 4th 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. State of Wyoming purchased a new stake in shares of Almonty Industries in the 4th quarter worth approximately $41,000. Finally, FNY Investment Advisers LLC purchased a new stake in shares of Almonty Industries in the 3rd quarter worth approximately $30,000.

More Almonty Industries News

Here are the key news stories impacting Almonty Industries this week:

• Positive Sentiment: Diamond Equity raised Almonty Industries’ earnings estimates across several upcoming quarters and full-year periods, signaling stronger expected profitability. MarketBeat ALM analyst estimate updates
• Positive Sentiment: Another analyst update increased Almonty Industries’ price target by 13.23% to $16.41, reinforcing a more optimistic outlook for the shares. Article: Almonty Industries (ALM) price target increased by 13.23% to 16.41

Almonty Industries Company Profile

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.