Almonty Industries (NASDAQ:ALM) Stock Price Up 6% – Still a Buy?

Almonty Industries Inc. (NASDAQ:ALM) was up 6% on Wednesday. The stock traded as high as $9.37 and last traded at $9.4350. Approximately 1,093,765 shares traded hands during trading, a decline of 81% from the average session volume of 5,841,230 shares. The stock had previously closed at $8.90.

Analyst Ratings Changes

A number of research firms have recently commented on ALM. DA Davidson reissued a “buy” rating and set a $33.00 price target on shares of Almonty Industries in a report on Tuesday, September 15th. Weiss Ratings upgraded shares of Almonty Industries from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, September 25th. Stifel Nicolaus dropped their price objective on shares of Almonty Industries from $25.00 to $21.00 and set a “buy” rating for the company in a research note on Tuesday. The Goldman Sachs Group started coverage on Almonty Industries in a report on Thursday, September 24th. They issued a “hold” rating and a $13.00 target price for the company. Finally, Jefferies Financial Group started coverage on shares of Almonty Industries in a research note on Wednesday, September 2nd. They issued a “buy” rating and a $26.25 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $23.54.

Almonty Industries Trading Down 6.3%

The firm’s fifty day moving average is $14.45 and its two-hundred day moving average is $16.35. The firm has a market capitalization of $2.52 billion, a PE ratio of 54.69 and a beta of 4.15. The company has a debt-to-equity ratio of 1.37, a current ratio of 9.58 and a quick ratio of 9.51.

Institutional Trading of Almonty Industries

Several hedge funds have recently made changes to their positions in ALM. Cooper Creek Partners Management LLC increased its stake in shares of Almonty Industries by 110.4% in the first quarter. Cooper Creek Partners Management LLC now owns 4,781,415 shares of the company’s stock worth $69,235,000 after purchasing an additional 2,508,478 shares in the last quarter. Encompass Capital Advisors LLC raised its stake in shares of Almonty Industries by 47.9% during the 1st quarter. Encompass Capital Advisors LLC now owns 4,300,839 shares of the company’s stock valued at $62,276,000 after purchasing an additional 1,392,806 shares during the period. Bank of America Corp DE boosted its stake in Almonty Industries by 309.6% in the 1st quarter. Bank of America Corp DE now owns 908,911 shares of the company’s stock worth $13,161,000 after purchasing an additional 686,982 shares during the period. Walleye Capital LLC purchased a new position in Almonty Industries during the 1st quarter valued at about $12,953,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Almonty Industries in the second quarter worth about $7,118,000.

About Almonty Industries

Almonty Industries Inc is a mining and development company focused primarily on tungsten, a critical industrial metal used in cutting tools, hard metals, defense applications, electronics and other specialized products. The company develops and operates tungsten projects and produces tungsten concentrates for sale to industrial customers and processors.

Almonty’s principal assets include the Panasqueira tungsten mine in Portugal, one of the company’s operating assets, and the Sangdong tungsten project in South Korea, which is being redeveloped as a major source of tungsten concentrate.