Almonty Industries (NASDAQ:ALM) Shares Down 8.3% – Here’s Why

Shares of Almonty Industries Inc. (NASDAQ:ALM) were down 8.3% during mid-day trading on Friday . The company traded as low as $19.30 and last traded at $19.3070. Approximately 2,554,547 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 4,895,063 shares. The stock had previously closed at $21.06.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. DA Davidson set a $25.00 target price on Almonty Industries in a research note on Friday, March 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Almonty Industries in a report on Monday, December 29th. Finally, B. Riley Financial boosted their target price on shares of Almonty Industries from $10.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, February 13th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Almonty Industries currently has an average rating of “Moderate Buy” and an average target price of $15.13.

Almonty Industries Trading Down 7.3%

The company has a debt-to-equity ratio of 1.02, a current ratio of 2.38 and a quick ratio of 2.25. The stock has a 50-day moving average price of $13.61 and a two-hundred day moving average price of $9.07. The stock has a market cap of $5.44 billion and a PE ratio of -84.70.

Institutional Trading of Almonty Industries

Several hedge funds have recently modified their holdings of the company. FNY Investment Advisers LLC purchased a new position in shares of Almonty Industries in the third quarter valued at $30,000. Global Retirement Partners LLC purchased a new stake in Almonty Industries during the fourth quarter valued at $35,000. State of Wyoming bought a new position in Almonty Industries during the fourth quarter valued at $41,000. Banque Cantonale Vaudoise purchased a new position in shares of Almonty Industries in the 3rd quarter worth $54,000. Finally, MCF Advisors LLC purchased a new position in shares of Almonty Industries in the 3rd quarter worth $60,000.

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.