Almonty Industries (NASDAQ:ALM) Stock Price Up 8.4% – Time to Buy?

Shares of Almonty Industries Inc. (NASDAQ:ALM) shot up 8.4% during mid-day trading on Tuesday . The company traded as high as $16.86 and last traded at $16.77. 2,190,082 shares traded hands during trading, a decline of 52% from the average session volume of 4,560,212 shares. The stock had previously closed at $15.47.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ALM shares. Weiss Ratings restated a “sell (e+)” rating on shares of Almonty Industries in a research note on Monday, December 29th. Wall Street Zen upgraded shares of Almonty Industries from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. DA Davidson upped their price target on shares of Almonty Industries from $12.00 to $18.00 and gave the stock a “buy” rating in a research note on Wednesday, February 4th. Finally, B. Riley Financial raised their price objective on shares of Almonty Industries from $10.00 to $17.00 and gave the company a “buy” rating in a research note on Friday, February 13th. Four research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.38.

Almonty Industries Stock Up 9.2%

The stock has a market capitalization of $4.44 billion and a P/E ratio of -73.48. The stock’s fifty day simple moving average is $10.87. The company has a debt-to-equity ratio of 1.02, a quick ratio of 2.25 and a current ratio of 2.38.

Hedge Funds Weigh In On Almonty Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ALM. Global Retirement Partners LLC acquired a new position in shares of Almonty Industries during the 4th quarter worth approximately $35,000. State of Wyoming acquired a new stake in Almonty Industries during the 4th quarter valued at $41,000. FNY Investment Advisers LLC purchased a new position in Almonty Industries during the third quarter worth $30,000. Banque Cantonale Vaudoise acquired a new position in shares of Almonty Industries in the third quarter worth $54,000. Finally, Deutsche Bank AG acquired a new position in shares of Almonty Industries in the fourth quarter worth $79,000.

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.