Almonty Industries (NASDAQ:ALM) Shares Gap Up – Here’s Why

Almonty Industries Inc. (NASDAQ:ALM)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $11.12, but opened at $11.85. Almonty Industries shares last traded at $12.47, with a volume of 3,043,306 shares traded.

Analyst Ratings Changes

A number of analysts have commented on the stock. Oppenheimer increased their price objective on shares of Almonty Industries from $7.00 to $12.00 and gave the company an “outperform” rating in a report on Wednesday, October 15th. DA Davidson reiterated a “buy” rating and set a $12.00 price objective on shares of Almonty Industries in a research report on Friday, December 19th. Weiss Ratings restated a “sell (e+)” rating on shares of Almonty Industries in a report on Monday, December 29th. Finally, Wall Street Zen raised Almonty Industries from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $10.17.

Almonty Industries Trading Up 4.2%

The stock’s fifty day moving average price is $8.07. The company has a quick ratio of 0.63, a current ratio of 0.77 and a debt-to-equity ratio of 16.37. The company has a market cap of $3.05 billion and a PE ratio of -50.39.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of ALM. Telemark Asset Management LLC purchased a new stake in shares of Almonty Industries in the 3rd quarter valued at $7,839,000. Alyeska Investment Group L.P. acquired a new position in Almonty Industries in the 3rd quarter valued at about $7,839,000. ArrowMark Colorado Holdings LLC acquired a new position in Almonty Industries in the 3rd quarter valued at about $7,807,000. Millennium Management LLC purchased a new stake in Almonty Industries during the third quarter worth about $5,948,000. Finally, Sei Investments Co. acquired a new stake in shares of Almonty Industries during the third quarter worth about $2,563,000.

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.