Almonty Industries (NASDAQ:ALM) Stock Price Down 4.8% – Should You Sell?

Shares of Almonty Industries Inc. (NASDAQ:ALM) were down 4.8% during mid-day trading on Friday . The stock traded as low as $8.85 and last traded at $8.86. Approximately 1,077,452 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 2,428,362 shares. The stock had previously closed at $9.31.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Oppenheimer raised their target price on Almonty Industries from $7.00 to $12.00 and gave the company an “outperform” rating in a research report on Wednesday, October 15th. DA Davidson restated a “buy” rating and issued a $12.00 price objective on shares of Almonty Industries in a report on Friday, December 19th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Almonty Industries in a report on Monday, December 29th. Finally, Wall Street Zen raised 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. According to MarketBeat.com, Almonty Industries currently has an average rating of “Moderate Buy” and an average price target of $10.17.

Almonty Industries Stock Performance

The company’s 50 day moving average is $7.48. The stock has a market capitalization of $2.17 billion and a price-to-earnings ratio of -37.22. The company has a debt-to-equity ratio of 16.37, a quick ratio of 0.63 and a current ratio of 0.77.

Institutional Investors Weigh In On Almonty Industries

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Telemark Asset Management LLC purchased a new position in shares of Almonty Industries during the 3rd quarter worth $7,839,000. Alyeska Investment Group L.P. purchased a new position in Almonty Industries during the third quarter worth about $7,839,000. ArrowMark Colorado Holdings LLC acquired a new stake in shares of Almonty Industries during the third quarter valued at about $7,807,000. Millennium Management LLC purchased a new stake in shares of Almonty Industries in the 3rd quarter valued at approximately $5,948,000. Finally, Sei Investments Co. purchased a new stake in shares of Almonty Industries in the 3rd quarter valued at approximately $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.