Almonty Industries (NASDAQ:ALM) Trading Down 10.9% - Here's What Happened

Key Points

• Almonty Industries shares fell 10.9% in Tuesday’s mid-day trading, reaching $11.89, while volume was 86% below the stock’s average daily volume.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $21.88; recent targets include $25 from Oppenheimer and $33 from DA Davidson, despite one “Sell” rating.
• The company reported quarterly EPS of $0.01, in line with estimates, and revenue of $18.52 million, ahead of the $15.44 million consensus. However, Almonty posted a negative net margin of 262.29% and negative return on equity of 11.01%.

Almonty Industries Inc. (NASDAQ:ALM - Get Free Report)'s stock price traded down 10.9% during mid-day trading on Tuesday . The company traded as low as $11.92 and last traded at $11.89. 730,585 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 5,367,046 shares. The stock had previously closed at $13.35.

Analyst Ratings Changes

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

Almonty Industries Stock Down 8.2%

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 capitalization of $3.53 billion and a price-to-earnings ratio of -24.59. The stock's fifty day moving average price is $16.85 and its 200-day moving average price is $16.50.

Almonty Industries (NASDAQ:ALM - Get Free Report) last announced its quarterly earnings data on Monday, May 11th. The company reported $0.01 EPS for the quarter, hitting analysts' consensus estimates of $0.01. The business had revenue of $18.52 million for the quarter, compared to analyst estimates of $15.44 million. Almonty Industries had a negative net margin of 262.29% and a negative return on equity of 11.01%. On average, sell-side analysts predict that Almonty Industries Inc. will post 0.46 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Almonty Industries

Large investors have recently modified their holdings of the business. Van ECK Associates Corp grew its holdings 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 valued at $99,013,000 after acquiring an additional 11,155,572 shares in the last quarter. Encompass Capital Advisors LLC bought a new stake in Almonty Industries during the fourth quarter worth about $25,620,000. Cooper Creek Partners Management LLC boosted its position in Almonty Industries by 110.4% during the first quarter. Cooper Creek Partners Management LLC now owns 4,781,415 shares of the company's stock valued at $69,235,000 after purchasing an additional 2,508,478 shares during the last quarter. Next Century Growth Investors LLC bought a new position in Almonty Industries in the fourth quarter valued at approximately $16,345,000. Finally, Alyeska Investment Group L.P. acquired a new position in shares of Almonty Industries during the 3rd quarter worth approximately $7,839,000.

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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