Algoma Steel Group (TSE:ASTL) Stock Price Down 4.4% - Time to Sell?

Key Points

• The stock price of Algoma Steel Group (TSE:ASTL) decreased 4.4%, trading between C$6.67 and C$6.68 on Friday with a volume increase of 12% compared to the average.
• Analysts have reduced their price targets for Algoma Steel, with Royal Bank of Canada lowering it from C$10.00 to C$8.00 and BMO Capital Markets changing their rating from "outperform" to "market perform."
• The consensus rating is currently a "Hold" with an average target price of C$9.67, indicating a cautious outlook for the company's stock performance.

Algoma Steel Group Inc. (TSE:ASTL - Get Free Report) shares fell 4.4% on Friday . The stock traded as low as C$6.67 and last traded at C$6.68. 296,222 shares changed hands during trading, an increase of 12% from the average session volume of 265,040 shares. The stock had previously closed at C$6.99.

Analyst Upgrades and Downgrades

ASTL has been the topic of a number of analyst reports. Stifel Nicolaus decreased their price objective on shares of Algoma Steel Group from C$14.00 to C$13.00 and set a "buy" rating on the stock in a research report on Tuesday, June 3rd. Royal Bank Of Canada cut their target price on Algoma Steel Group from C$10.00 to C$8.00 and set a "sector perform" rating on the stock in a research note on Thursday, July 31st. Finally, BMO Capital Markets downgraded Algoma Steel Group from an "outperform" rating to a "market perform" rating and reduced their price target for the company from C$12.00 to C$8.00 in a report on Tuesday, June 3rd. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of C$9.67.

Algoma Steel Group Trading Down 0.8%

The firm has a market capitalization of C$693.61 million, a PE ratio of -4.56 and a beta of 2.11. The firm has a 50 day simple moving average of C$7.95 and a 200 day simple moving average of C$8.13. The company has a current ratio of 3.31, a quick ratio of 1.51 and a debt-to-equity ratio of 43.70.

About Algoma Steel Group

Algoma Steel Group Inc is a Canadian company that produces clean and consistent light gauge steel in North America, offering a range of hot and cold rolled steel sheet and plate products. The firm operates in a single segment of basic steel production. Geographically it serves Canada, the United States and the rest of the world, whilst driving key revenue from domestic sales.