Almonty Industries (NASDAQ:ALM) Stock Price Up 13.3% - Here's Why

Key Points

• Almonty Industries shares rose 13.3% to about $12.53 in Monday trading, although volume was 67% below the stock’s average daily volume.
• Analysts raised their price targets, including Oppenheimer to $25 and DA Davidson to $33. MarketBeat reports a “Moderate Buy” consensus with an average target of $21.88, despite one “sell” rating.
• The company met quarterly earnings expectations at $0.01 per share and exceeded revenue estimates, reporting $18.52 million versus $15.44 million expected. However, Almonty continues to report significant losses, including a negative net margin of 262.29%.

Almonty Industries Inc. (NASDAQ:ALM - Get Free Report) shot up 13.3% during trading on Monday . The stock traded as high as $12.23 and last traded at $12.5340. 1,825,528 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 5,491,618 shares. The stock had previously closed at $11.06.

Analysts Set New Price Targets

Several equities research analysts have issued reports on ALM shares. Oppenheimer boosted their price objective on shares of Almonty Industries from $22.00 to $25.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 3rd. DA Davidson upped their price target on shares of Almonty Industries from $25.00 to $33.00 and gave the stock a "buy" rating in a research report on Friday, July 10th. Texas Capital upgraded Almonty Industries to a "strong-buy" rating in a report on Thursday, April 16th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Almonty Industries in a research report on Thursday, June 18th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Almonty Industries presently has a consensus rating of "Moderate Buy" and a consensus target price of $21.88.

Almonty Industries Price Performance

The business's 50 day moving average price is $16.32 and its 200-day moving average price is $16.57. The company has a quick ratio of 2.37, a current ratio of 2.45 and a debt-to-equity ratio of 0.30. The company has a market cap of $3.65 billion and a PE ratio of -25.35.

Almonty Industries (NASDAQ:ALM - Get Free Report) last announced its earnings results on Monday, May 11th. The company reported $0.01 earnings per share for the quarter, meeting the consensus estimate of $0.01. The business had revenue of $18.52 million during the quarter, compared to the consensus estimate of $15.44 million. Almonty Industries had a negative net margin of 262.29% and a negative return on equity of 11.01%. As a group, analysts forecast that Almonty Industries Inc. will post 0.46 earnings per share for the current year.

Institutional Trading of Almonty Industries

Several large investors have recently modified their holdings of the business. Banque Cantonale Vaudoise purchased a new stake in shares of Almonty Industries during the third quarter worth about $54,000. Van ECK Associates Corp acquired a new position in shares of Almonty Industries in the third quarter worth about $506,000. Mackenzie Financial Corp purchased a new position in Almonty Industries in the third quarter valued at about $422,000. Sei Investments Co. purchased a new position in Almonty Industries in the third quarter valued at about $2,563,000. Finally, Boston Partners acquired a new stake in Almonty Industries during the 3rd quarter valued at approximately $771,000.

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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