Almonty Industries (NASDAQ:ALM) Shares Gap Up - Still a Buy?

Key Points

• Almonty Industries shares gapped up from $8.22 to $8.78, reflecting significant investor interest, with final trading at $8.58 and a volume of 786,877 shares.
• Brokerage analysts raised their price targets for the stock, with DA Davidson setting it at $11.00 and Oppenheimer at $12.00, while the average price target is currently $9.83.
• Despite the positive outlook from some analysts, Almonty Industries reported a quarterly loss and missed earnings expectations, highlighting ongoing financial challenges.

Almonty Industries Inc. (NASDAQ:ALM - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $8.22, but opened at $8.78. Almonty Industries shares last traded at $8.58, with a volume of 786,877 shares traded.

Analysts Set New Price Targets

Several brokerages have weighed in on ALM. DA Davidson boosted their price objective on 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 started coverage on shares of Almonty Industries in a report on Wednesday, August 13th. They set an "overweight" rating and a $6.50 price objective on the stock. Oppenheimer boosted their price objective on shares of Almonty Industries from $7.00 to $12.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 15th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Almonty Industries in a research note on Wednesday, October 8th. Three 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 presently has an average rating of "Moderate Buy" and an average price target of $9.83.

Almonty Industries Stock Up 8.6%

The firm has a market cap of $2.01 billion and a P/E ratio of -26.26. The business has a 50-day moving average of $5.59. The company has a debt-to-equity ratio of 16.37, a current ratio of 0.77 and a quick ratio of 0.63.

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

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.

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