Almonty Industries (NASDAQ:ALM) Reaches New 1-Year High – Time to Buy?

Almonty Industries Inc. (NASDAQ:ALM) hit a new 52-week high during trading on Thursday . The company traded as high as $10.70 and last traded at $10.58, with a volume of 2506075 shares traded. The stock had previously closed at $10.14.

Wall Street Analysts Forecast Growth

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

Almonty Industries Stock Performance

The firm has a market capitalization of $2.75 billion and a P/E ratio of -45.52. The business has a 50 day simple moving average of $7.90. 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 Trading of Almonty Industries

A number of hedge funds have recently bought and sold shares of ALM. Huntleigh Advisors Inc. purchased a new position in Almonty Industries in the 3rd quarter worth approximately $661,000. BLB&B Advisors LLC acquired a new stake in shares of Almonty Industries in the third quarter valued at approximately $298,000. General American Investors Co. Inc. acquired a new stake in shares of Almonty Industries in the third quarter valued at approximately $246,000. Old West Investment Management LLC purchased a new position in Almonty Industries during the third quarter worth approximately $2,148,000. Finally, MCF Advisors LLC purchased a new position in Almonty Industries during the third quarter worth approximately $60,000.

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.