Almonty Industries (NASDAQ:ALM) Trading Down 5.6% - Here's What Happened

Key Points

• ALM shares fell 5.6% on Wednesday to $20.58 (intraday low $20.36) with about 5.54 million shares traded, roughly 2% above average volume.
• Analyst views are mixed but tilted positive: MarketBeat reports a consensus "Moderate Buy" with an average price target of $18.38, while DA Davidson and B. Riley raised targets to $25 and $23 respectively and Weiss Ratings kept a sell rating.
• Almonty is a Canada-based tungsten miner with a $5.82 billion market cap, a negative P/E (-35.49), strong liquidity (current ratio 3.89), and operations in Europe and Asia.

Almonty Industries Inc. (NASDAQ:ALM - Get Free Report)'s stock price was down 5.6% on Wednesday . The company traded as low as $20.36 and last traded at $20.5840. Approximately 5,539,477 shares were traded during mid-day trading, an increase of 2% from the average daily volume of 5,422,374 shares. The stock had previously closed at $21.80.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ALM shares. DA Davidson reaffirmed a "buy" rating and issued a $25.00 price target on shares of Almonty Industries in a research note on Thursday, March 26th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Almonty Industries in a report on Monday, December 29th. B. Riley Financial boosted their target price on shares of Almonty Industries from $17.00 to $23.00 and gave the stock a "buy" rating in a report on Friday, March 20th. Finally, Oppenheimer boosted their target price on shares of Almonty Industries from $16.00 to $19.00 and gave the stock an "outperform" rating in a report on Friday, March 20th. Four analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, Almonty Industries has a consensus rating of "Moderate Buy" and an average price target of $18.38.

Almonty Industries Price Performance

The company has a current ratio of 3.89, a quick ratio of 3.76 and a debt-to-equity ratio of 0.38. The business's fifty day moving average is $16.72 and its 200 day moving average is $11.10. The firm has a market capitalization of $5.82 billion and a P/E ratio of -35.49.

Institutional Investors Weigh In On Almonty Industries

A number of large investors have recently made changes to their positions in the company. Rockefeller Capital Management L.P. raised its holdings in shares of Almonty Industries by 30.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 4,333 shares of the company's stock valued at $38,000 after acquiring an additional 1,000 shares during the period. Serenus Wealth Advisors LLC raised its holdings in shares of Almonty Industries by 11.0% during the fourth quarter. Serenus Wealth Advisors LLC now owns 22,200 shares of the company's stock valued at $196,000 after acquiring an additional 2,200 shares during the period. Global Retirement Partners LLC acquired a new stake in shares of Almonty Industries during the fourth quarter valued at approximately $35,000. MCF Advisors LLC raised its holdings in shares of Almonty Industries by 40.8% during the fourth quarter. MCF Advisors LLC now owns 14,084 shares of the company's stock valued at $124,000 after acquiring an additional 4,084 shares during the period. Finally, State of Wyoming acquired a new stake in shares of Almonty Industries during the fourth quarter valued at approximately $41,000.

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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