Almonty Industries (NASDAQ:ALM) Trading 6.9% Higher - Should You Buy?

Key Points

• Almonty Industries shares jumped 6.9% to about $14.81, although trading volume was 92% below the average session volume.
• Analyst sentiment is broadly positive: the stock has a consensus “Buy” rating and an average price target of $27, with recent targets ranging as high as $33.
• The company matched quarterly earnings expectations at $0.01 per share and exceeded revenue estimates, reporting $18.52 million versus the expected $15.44 million; however, its valuation remains elevated at a P/E ratio of 93.84.

Shares of Almonty Industries Inc. (NASDAQ:ALM - Get Free Report) shot up 6.9% on Friday . The stock traded as high as $14.80 and last traded at $14.8060. Approximately 468,737 shares changed hands during trading, a decline of 92% from the average session volume of 5,582,131 shares. The stock had previously closed at $13.85.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Weiss Ratings upgraded Almonty Industries from a "sell (d-)" rating to a "hold (c-)" rating in a research report on Wednesday. Oppenheimer increased their target price on shares of Almonty Industries from $22.00 to $25.00 and gave the stock an "outperform" rating in a report on Wednesday, June 3rd. DA Davidson lifted their price target on shares of Almonty Industries from $25.00 to $33.00 and gave the company a "buy" rating in a report on Friday, July 10th. Finally, Texas Capital raised shares of Almonty Industries to a "strong-buy" rating in a report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $27.00.

Almonty Industries Stock Up 8.5%

The company has a current ratio of 2.45, a quick ratio of 2.37 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $4.33 billion and a P/E ratio of 93.84. The stock has a 50 day moving average price of $15.17 and a 200 day moving average price of $16.82.

Almonty Industries (NASDAQ:ALM - Get Free Report) last issued its quarterly earnings data on Monday, May 11th. The company reported $0.01 earnings per share for the quarter, hitting analysts' consensus estimates of $0.01. Almonty Industries had a return on equity of 11.18% and a net margin of 125.89%.The business had revenue of $18.52 million for the quarter, compared to analyst estimates of $15.44 million. On average, research analysts anticipate that Almonty Industries Inc. will post 0.46 earnings per share for the current fiscal year.

Institutional Trading of Almonty Industries

Hedge funds have recently made changes to their positions in the company. Leonteq Securities AG bought a new stake in shares of Almonty Industries during the first quarter worth about $29,000. Global Retirement Partners LLC bought a new position in Almonty Industries in the 4th quarter valued at approximately $35,000. Rockefeller Capital Management L.P. boosted its position in Almonty Industries by 30.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 4,333 shares of the company's stock worth $38,000 after buying an additional 1,000 shares during the period. State of Wyoming acquired a new stake in Almonty Industries during the 4th quarter worth approximately $41,000. Finally, Banque Cantonale Vaudoise bought a new stake in Almonty Industries during the 3rd quarter worth approximately $54,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source