Almonty Industries (NASDAQ:ALM) Shares Gap Up - Time to Buy?

Key Points

• Almonty Industries shares jumped 9.8%, opening at $16.20 versus a prior close of $15.09 and last trading around $16.42 on volume of approximately 3.7 million shares.
• Analyst sentiment is broadly positive: MarketBeat reports an average “Buy” rating and a $27.00 price target, with DA Davidson raising its target to $33.00 and Oppenheimer to $25.00.
• Institutional interest has increased substantially, led by Van ECK Associates’ 13,294.7% stake increase and additional purchases by Cooper Creek Partners and other investment firms. Almonty focuses on mining and developing tungsten assets used in industrial applications.

Almonty Industries Inc. (NASDAQ:ALM - Get Free Report)'s share price gapped up prior to trading on Monday . The stock had previously closed at $15.09, but opened at $16.20. Almonty Industries shares last traded at $16.4160, with a volume of 3,712,454 shares.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ALM shares. Weiss Ratings upgraded shares of Almonty Industries from a "sell (d-)" rating to a "hold (c-)" rating in a research note on Wednesday. DA Davidson lifted their price target on shares of Almonty Industries from $25.00 to $33.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Finally, Oppenheimer boosted their price objective on shares of Almonty Industries from $22.00 to $25.00 and gave the company an "outperform" rating in a report on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Almonty Industries currently has an average rating of "Buy" and an average target price of $27.00.

Almonty Industries Trading Up 9.8%

The company has a quick ratio of 9.51, a current ratio of 9.58 and a debt-to-equity ratio of 1.37. The stock's 50 day moving average is $15.15 and its 200-day moving average is $16.85. The company has a market cap of $4.77 billion and a PE ratio of 103.38.

Institutional Trading of Almonty Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp boosted its position in shares of Almonty Industries by 13,294.7% in the 4th quarter. Van ECK Associates Corp now owns 11,239,482 shares of the company's stock worth $99,013,000 after purchasing an additional 11,155,572 shares in the last quarter. Encompass Capital Advisors LLC acquired a new position in Almonty Industries during the 4th quarter valued at about $25,620,000. Cooper Creek Partners Management LLC increased its position in Almonty Industries by 110.4% during the 1st quarter. Cooper Creek Partners Management LLC now owns 4,781,415 shares of the company's stock valued at $69,235,000 after buying an additional 2,508,478 shares in the last quarter. Next Century Growth Investors LLC purchased a new stake in Almonty Industries in the fourth quarter valued at about $16,345,000. Finally, Ghisallo Capital Management LLC purchased a new stake in Almonty Industries in the fourth quarter valued at about $11,453,000.

About Almonty Industries

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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