Almonty Industries (NASDAQ:ALM) Shares Gap Down – Here’s What Happened

Almonty Industries Inc. (NASDAQ:ALM)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $7.90, but opened at $6.84. Almonty Industries shares last traded at $6.90, with a volume of 4,858,606 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ALM. Wall Street Zen upgraded Almonty Industries from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Oppenheimer lifted their target price on shares of Almonty Industries from $7.00 to $12.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 15th. DA Davidson upped their price target on shares of Almonty Industries from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, November 13th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Almonty Industries in a research note on Monday, December 1st. Finally, Cantor Fitzgerald initiated coverage on shares of Almonty Industries in a report on Wednesday, August 13th. They set an “overweight” rating and a $6.50 price objective on the stock. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Almonty Industries presently has a consensus rating of “Moderate Buy” and an average price target of $10.17.

Almonty Industries Trading Down 11.8%

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 $1.62 billion and a price-to-earnings ratio of -30.30. The firm’s fifty day moving average price is $7.04.

Institutional Trading of Almonty Industries

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

Almonty Industries Company Profile

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.