Almonty Industries (NASDAQ:ALM) Trading 12.8% Higher – Here’s Why

Almonty Industries Inc. (NASDAQ:ALM)’s share price shot up 12.8% during mid-day trading on Tuesday . The stock traded as high as $12.84 and last traded at $12.80. 2,727,536 shares were traded during mid-day trading, a decline of 44% from the average session volume of 4,877,428 shares. The stock had previously closed at $11.35.

Analysts Set New Price Targets

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

Almonty Industries Stock Up 18.0%

The stock’s 50-day simple moving average is $8.73. The firm has a market capitalization of $3.52 billion and a PE ratio of -58.21. 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 Trading of Almonty Industries

Several institutional investors have recently made changes to their positions in the stock. FNY Investment Advisers LLC acquired a new position in Almonty Industries in the 3rd quarter valued at approximately $30,000. Banque Cantonale Vaudoise purchased a new position in shares of Almonty Industries during the 3rd quarter valued at $54,000. MCF Advisors LLC acquired a new position in shares of Almonty Industries in the third quarter worth $60,000. Oppenheimer & Co. Inc. acquired a new position in shares of Almonty Industries in the third quarter worth $66,000. Finally, Scientech Research LLC purchased a new stake in shares of Almonty Industries during the third quarter worth $75,000.

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.