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

Key Points

• Almonty Industries shares fell from a previous close of $8.51 to an opening of $7.67, reflecting a significant drop before market opened.
• Despite the gap down, several analysts including DA Davidson and Oppenheimer have issued upgrades, with target prices ranging from $6.50 to $12.00.
• The company reported a loss of ($0.05) EPS last quarter, missing estimates and indicating challenges with a negative net margin of 366.52%.

Almonty Industries Inc. (NASDAQ:ALM - Get Free Report) shares gapped down before the market opened on Friday . The stock had previously closed at $8.51, but opened at $7.67. Almonty Industries shares last traded at $7.80, with a volume of 2,268,559 shares.

Analyst Upgrades and Downgrades

ALM has been the topic of several research analyst reports. DA Davidson increased their target price on shares of Almonty Industries from $7.00 to $11.00 and gave the stock a "buy" rating in a research note on Tuesday, October 7th. Cantor Fitzgerald began coverage on shares of Almonty Industries in a report on Wednesday, August 13th. They set an "overweight" rating and a $6.50 price target for the company. Oppenheimer boosted their price objective on shares of Almonty Industries from $7.00 to $12.00 and gave the company an "outperform" rating in a research report on Wednesday. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Almonty Industries in a research report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $9.83.

Almonty Industries Trading Down 6.1%

The company has a debt-to-equity ratio of 16.37, a quick ratio of 0.63 and a current ratio of 0.77. The company has a market cap of $1.74 billion and a price-to-earnings ratio of -23.50. The stock's 50 day moving average price is $5.53.

Almonty Industries (NASDAQ:ALM - Get Free Report) last posted its earnings results on Thursday, August 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.04). Almonty Industries had a negative net margin of 366.52% and a negative return on equity of 104.72%. The company had revenue of $5.20 million for the quarter, compared to the consensus estimate of $5.30 million.

Almonty Industries Company Profile

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.

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