Almonty Industries (NASDAQ:ALM) Trading Down 6.6% – Here’s What Happened

Almonty Industries Inc. (NASDAQ:ALM) traded down 6.6% during trading on Tuesday . The company traded as low as $6.00 and last traded at $6.06. 546,040 shares were traded during mid-day trading, a decline of 69% from the average session volume of 1,773,305 shares. The stock had previously closed at $6.49.

Wall Street Analysts Forecast Growth

ALM has been the subject of a number of analyst reports. Oppenheimer boosted their price target on Almonty Industries from $7.00 to $12.00 and gave the company an “outperform” rating in a research note on Wednesday, October 15th. Cantor Fitzgerald initiated coverage on shares of Almonty Industries in a research report on Wednesday, August 13th. They issued an “overweight” rating and a $6.50 target price for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Almonty Industries in a report on Thursday, November 13th. Wall Street Zen raised shares of Almonty Industries from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, DA Davidson boosted their price objective on shares of Almonty Industries from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, November 13th. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $10.17.

Almonty Industries Stock Performance

The company’s fifty day moving average is $6.72. The company has a market capitalization of $1.31 billion and a P/E ratio of -16.62. The company has a debt-to-equity ratio of 16.37, a current ratio of 0.77 and a quick ratio of 0.63.

Institutional Inflows and Outflows

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

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.