Almonty Industries (NASDAQ:ALM) Shares Gap Down - Here's What Happened

Key Points

• Shares gapped down: ALM closed at $16.93, opened at $16.19 and was last reported at $15.4360 on heavy volume of 4,431,233 shares.
• Analyst sentiment is mostly positive: Four analysts have Buy ratings (B. Riley raised its target to $23, Oppenheimer to $19, DA Davidson to $25) vs. one Sell, giving a consensus "Moderate Buy" target of $18.38.
• Major institutional buying: VanEck dramatically increased its stake by 11,155,572 shares (about $99.0M), and several other firms initiated sizable positions in the fourth quarter.

Shares of Almonty Industries Inc. (NASDAQ:ALM - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $16.93, but opened at $16.19. Almonty Industries shares last traded at $15.4360, with a volume of 4,431,233 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on ALM shares. B. Riley Financial upped their price objective on shares of Almonty Industries from $17.00 to $23.00 and gave the stock a "buy" rating in a research report on Friday. Oppenheimer increased their price target on Almonty Industries from $16.00 to $19.00 and gave the company an "outperform" rating in a research note on Friday. DA Davidson reissued a "buy" rating and set a $25.00 price objective on shares of Almonty Industries in a report on Friday. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Almonty Industries in a report on Monday, December 29th. Four research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $18.38.

Almonty Industries Price Performance

The firm has a market capitalization of $4.21 billion and a P/E ratio of -25.97. The company has a fifty day moving average of $14.82 and a 200 day moving average of $9.81. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.89 and a quick ratio of 3.76.

Institutional Trading of Almonty Industries

A number of institutional investors have recently bought and sold shares of the company. Van ECK Associates Corp grew its stake in Almonty Industries by 13,294.7% in the fourth quarter. Van ECK Associates Corp now owns 11,239,482 shares of the company's stock valued at $99,013,000 after acquiring an additional 11,155,572 shares during the period. Encompass Capital Advisors LLC acquired a new stake in Almonty Industries in the 4th quarter valued at $25,620,000. Next Century Growth Investors LLC bought a new stake in Almonty Industries during the 4th quarter valued at $16,345,000. Telemark Asset Management LLC acquired a new position in Almonty Industries during the third quarter worth $7,839,000. Finally, Alyeska Investment Group L.P. acquired a new position in Almonty Industries during the third quarter worth $7,839,000.

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.

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