Almonty Industries (NASDAQ:ALM) Stock Price Up 6.9% – Here’s Why

Almonty Industries Inc. (NASDAQ:ALM) shot up 6.9% during trading on Wednesday . The company traded as high as $9.45 and last traded at $9.45. 1,274,965 shares traded hands during trading, a decline of 36% from the average session volume of 2,001,213 shares. The stock had previously closed at $8.84.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on ALM shares. DA Davidson reissued a “buy” rating and issued a $12.00 target price on shares of Almonty Industries in a research report on Friday, December 19th. Weiss Ratings reissued a “sell (d-)” rating on shares of Almonty Industries in a report on Monday, December 15th. Oppenheimer increased their target price on Almonty Industries from $7.00 to $12.00 and gave the stock an “outperform” rating in a report on Wednesday, October 15th. Finally, Wall Street Zen upgraded shares of Almonty Industries from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $10.17.

Almonty Industries Stock Performance

The company has a debt-to-equity ratio of 16.37, a current ratio of 0.77 and a quick ratio of 0.63. The business has a 50 day simple moving average of $7.14. The company has a market cap of $2.41 billion and a PE ratio of -41.26.

Institutional Trading of Almonty Industries

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

About Almonty Industries

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.