Algoma Steel Group (TSE:ASTL) Stock Price Up 8.8% - Here's Why

Key Points

• Algoma Steel Group's stock rose by 8.8%, reaching C$6.08 from a previous close of C$5.59, with trading volume increasing by 119% compared to the average.
• Analysts have mixed forecasts, with Stifel Nicolaus raising their target price to C$11.50 (buy rating) and Royal Bank of Canada lowering it to C$6.00 (sector perform rating).
• The company currently holds a market capitalization of C$652.69 million and has a consensus target price of C$8.50 based on various analyst ratings.

Algoma Steel Group Inc. (TSE:ASTL - Get Free Report) shares traded up 8.8% during trading on Tuesday . The company traded as high as C$6.10 and last traded at C$6.08. 864,551 shares were traded during mid-day trading, an increase of 119% from the average session volume of 394,746 shares. The stock had previously closed at C$5.59.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ASTL. Stifel Nicolaus raised their price objective on shares of Algoma Steel Group from C$10.75 to C$11.50 and gave the stock a "buy" rating in a report on Tuesday, October 7th. Royal Bank Of Canada cut their target price on shares of Algoma Steel Group from C$8.00 to C$6.00 and set a "sector perform" rating for the company in a research report on Thursday, October 2nd. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Algoma Steel Group currently has a consensus rating of "Hold" and a consensus target price of C$8.50.

Algoma Steel Group Trading Up 11.3%

The company has a market capitalization of C$652.69 million, a price-to-earnings ratio of -4.29 and a beta of 1.59. The company has a quick ratio of 1.51, a current ratio of 3.31 and a debt-to-equity ratio of 43.70. The company's 50 day simple moving average is C$6.02 and its two-hundred day simple moving average is C$7.29.

Algoma Steel Group Company Profile

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.

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