Almonty Industries (NASDAQ:ALM) Trading Down 7.8% – Here’s Why

Almonty Industries Inc. (NASDAQ:ALM) traded down 7.8% during trading on Tuesday . The company traded as low as $10.63 and last traded at $10.68. 1,843,508 shares changed hands during trading, a decline of 59% from the average session volume of 4,473,242 shares. The stock had previously closed at $11.58.

Analyst Ratings Changes

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

Almonty Industries Stock Down 4.5%

The stock has a market cap of $2.91 billion and a PE ratio of -48.08. The business has a 50 day simple moving average of $8.17. The company has a quick ratio of 0.63, a current ratio of 0.77 and a debt-to-equity ratio of 16.37.

Institutional Investors Weigh In On Almonty Industries

Several institutional investors and hedge funds have recently bought and sold shares of the business. FNY Investment Advisers LLC acquired a new position in Almonty Industries in the third quarter valued at approximately $30,000. Banque Cantonale Vaudoise acquired a new position in Almonty Industries during the 3rd quarter valued at approximately $54,000. MCF Advisors LLC bought a new position in Almonty Industries during the 3rd quarter worth $60,000. Oppenheimer & Co. Inc. acquired a new stake in Almonty Industries in the third quarter worth $66,000. Finally, Scientech Research LLC acquired a new stake in Almonty Industries in the third quarter worth $75,000.

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.