Almonty Industries (NASDAQ:ALM) Stock Price Down 4.8% – Here’s Why

Almonty Industries Inc. (NASDAQ:ALM)’s stock price traded down 4.8% during mid-day trading on Tuesday . The company traded as low as $13.26 and last traded at $13.0420. Approximately 1,406,964 shares changed hands during trading, a decline of 75% from the average daily volume of 5,560,668 shares. The stock had previously closed at $13.70.

Analyst Upgrades and Downgrades

ALM has been the subject of several analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Almonty Industries in a report on Thursday, June 18th. Oppenheimer increased their target price on Almonty Industries from $22.00 to $25.00 and gave the stock an “outperform” rating in a report on Wednesday, June 3rd. Texas Capital upgraded Almonty Industries to a “strong-buy” rating in a research report on Thursday, April 16th. Finally, DA Davidson upped their price objective on shares of Almonty Industries from $25.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $21.88.

Almonty Industries Price Performance

The firm has a market cap of $3.71 billion and a P/E ratio of -25.73. The company has a current ratio of 2.45, a quick ratio of 2.37 and a debt-to-equity ratio of 0.30. The business has a 50-day moving average of $15.57 and a two-hundred day moving average of $16.75.

Almonty Industries (NASDAQ:ALM) last issued its earnings results on Monday, May 11th. The company reported $0.01 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.01. Almonty Industries had a negative return on equity of 11.01% and a negative net margin of 262.29%.The business had revenue of $18.52 million during the quarter, compared to analysts’ expectations of $15.44 million. On average, sell-side analysts anticipate that Almonty Industries Inc. will post 0.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Leonteq Securities AG bought a new position in Almonty Industries in the 1st quarter valued at approximately $29,000. Global Retirement Partners LLC bought a new stake in Almonty Industries during the 4th quarter worth approximately $35,000. Rockefeller Capital Management L.P. grew its holdings in Almonty Industries by 30.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 4,333 shares of the company’s stock worth $38,000 after acquiring an additional 1,000 shares during the last quarter. State of Wyoming acquired a new position in Almonty Industries in the 4th quarter valued at approximately $41,000. Finally, Banque Cantonale Vaudoise acquired a new position in Almonty Industries in the 3rd quarter valued at approximately $54,000.

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.