Algoma Steel Group (NASDAQ:ASTL) Stock Price Up 8.2% – Here’s What Happened

Algoma Steel Group Inc. (NASDAQ:ASTL) was up 8.2% during mid-day trading on Tuesday . The company traded as high as $5.37 and last traded at $5.3250. Approximately 2,059,288 shares changed hands during trading, an increase of 51% from the average daily volume of 1,359,794 shares. The stock had previously closed at $4.92.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ASTL shares. Jefferies Financial Group initiated coverage on Algoma Steel Group in a research report on Friday, January 2nd. They set a “hold” rating on the stock. Zacks Research upgraded shares of Algoma Steel Group from a “hold” rating to a “strong-buy” rating in a report on Monday, January 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold”.

Algoma Steel Group Stock Performance

The company has a current ratio of 2.29, a quick ratio of 0.76 and a debt-to-equity ratio of 0.72. The company has a market cap of $525.53 million, a PE ratio of -1.06 and a beta of 1.56. The firm’s 50-day simple moving average is $4.31 and its two-hundred day simple moving average is $4.32.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ASTL. NewEdge Advisors LLC lifted its holdings in shares of Algoma Steel Group by 13.7% during the third quarter. NewEdge Advisors LLC now owns 28,299 shares of the company’s stock worth $101,000 after purchasing an additional 3,400 shares during the period. Campbell & CO Investment Adviser LLC grew its position in Algoma Steel Group by 21.6% during the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 24,435 shares of the company’s stock worth $168,000 after purchasing an additional 4,346 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Algoma Steel Group during the 2nd quarter valued at about $32,000. Mackenzie Financial Corp lifted its holdings in shares of Algoma Steel Group by 12.6% in the 3rd quarter. Mackenzie Financial Corp now owns 54,363 shares of the company’s stock valued at $193,000 after buying an additional 6,086 shares during the period. Finally, Legal & General Group Plc grew its holdings in Algoma Steel Group by 11.3% during the second quarter. Legal & General Group Plc now owns 88,583 shares of the company’s stock worth $611,000 after acquiring an additional 8,963 shares during the period. 72.00% of the stock is owned by institutional investors and hedge funds.

Algoma Steel Group Company Profile

Algoma Steel Group Inc is a North American steel producer headquartered in Sault Ste. Marie, Ontario. The company operates a modern electric arc furnace (EAF) complex and an integrated rolling mill, enabling it to transform scrap and direct reduced iron into a wide range of steel products. Algoma Steel Group returned to public markets in 2021 with listings on both the Toronto Stock Exchange and the Nasdaq under the symbol ASTL.

Founded in 1901 as Algoma Steel Corporation, the company grew to become one of Canada’s leading steelmakers before undergoing restructuring in the early 2000s.