Almonty Industries (NASDAQ:ALM) Posts Quarterly Earnings Results, Misses Estimates By $0.04 EPS

Key Points

• Almonty Industries reported a quarterly loss of ($0.05) earnings per share, missing the consensus estimate by ($0.04), with revenue of $5.20 million compared to expectations of $5.30 million.
• The stock price of Almonty Industries fell to $4.48 after the earnings announcement, with a trading volume of 954,751 shares.
• Cantor Fitzgerald initiated coverage on Almonty Industries, giving it an "overweight" rating and setting a target price of $6.50.

Almonty Industries (NASDAQ:ALM - Get Free Report) released its earnings results on Thursday. The company reported ($0.05) earnings per share for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.04), Zacks reports. The firm had revenue of $5.20 million for the quarter, compared to analysts' expectations of $5.30 million.

Almonty Industries Price Performance

Shares of NASDAQ ALM traded up $0.14 during midday trading on Wednesday, hitting $4.20. The company's stock had a trading volume of 1,123,697 shares, compared to its average volume of 1,061,887. Almonty Industries has a one year low of $3.16 and a one year high of $5.50.

Analyst Upgrades and Downgrades

Separately, Cantor Fitzgerald started coverage on Almonty Industries in a research note on Wednesday, August 13th. They issued an "overweight" rating and a $6.50 price objective on the stock. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $6.50.

About Almonty Industries

Almonty Industries Inc is a producer of tungsten concentrate. The Company is currently mining, processing and shipping tungsten concentrate from its Panasqueira Mine in Portugal. Almonty Industries Inc is based in TORONTO.